Coinbase’s trading volumes fell over 40% in the first quarter of this year

Coinbase is the largest cryptocurrency exchange in the United States. Due to the loss, shares fell more than 15% after hours trading.

The Financial Times reports that the decline was due to worse-than-expected earnings and fallout from the crypto bear market.

Revenue was $1.17 billion, down from the $1.5 billion forecast.

The company says the numbers reflect volatility in the crypto, which dates back to late 2021.

But executives believe market conditions are “not permanent” and have their eyes on the future.

Monthly transacting users were 9.2 million, down from 11.4 million in the fourth quarter and analyst estimates of 9.9 million.

Coinbase expects a drop in user numbers in the coming second quarter. The exchange also believes service and subscription revenue will also be “moderately lower.”

He has also filed a pre-registration with the United States Securities and Exchange Commission, which he hopes will “offer and sell securities in the future.”

The most popular cryptocurrency in the world, Bitcoin has more than halved its value since peaking in mid-November.