📌 Coinbase Reports Q1 Earnings

Make That Two States

Arizona has become the second state in a week to green‑light a crypto reserve, following New Hampshire’s precedent on Tuesday, but the road was anything but smooth. Governor Katie Hobbs first vetoed a bill that would have let state retirement funds add bitcoin. A slimmed‑down version, however, made it across her desk: House Bill 2749 authorizes Arizona to hold bitcoin and other digital assets only when they surface as abandoned or unclaimed property.

Democrats Block Stablecoin Bill

The Senate’s push to advance the GENIUS Act – a bipartisan bill meant to set the first federal rules for stablecoins – stalled on a vote at the very last minute. Democrats, still hashing out last minute changes with GOP leaders, claimed they hadn’t seen the final text while Republicans argued the vote was only to start formal debates and amendments. Leadership has already set the bill up for another try, so consider the stablecoin showdown simply postponed, not canceled.

Coinbase Reports Q1 Earnings

Fresh off of the splashy Deribit acquisition announcement, Coinbase reported Q1 earnings. Headlines will focus on the company’s “sharp drop in quarterly profit,” to $66 million compared to $1.2 billion during the year-ago quarter. The drop though was due to losses on the company’s cryptoasset investment portfolio – primarily BTC – which fell in Q1. A better way to review Coinbase’s quarter is looking at net revenue which grew to $1.96 billion in Q1 from $1.59 billion a year ago.

Our take: Overall, it looks like business as usual. Trading volumes and revenue dropped a bit QoQ as expected, and just like they did for Robinhood (HOOD) and Kraken. Outside of that though everything else is crushing it:

Plus, the company bought the dip, deploying ~$150 million in the quarter to purchase 22K ETH and 2,382 BTC.

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