Coinbase saw a net loss of $394 million in the first quarter of the year as lower crypto prices and softer trading activity pressured its global business, according to its Q1 report on Thursday.

Coinbase earnings report reveals decline in revenue despite stablecoin growth

The crypto exchange posted a net loss of $394.1 million, or $1.49 per share, for the quarter ended March 31. Total revenue declined to $1.4 billion, down 21% from the previous quarter.

From that figure, transaction revenue came in at $756 million, down 23% from the previous quarter. The decline in revenue came as weaker market conditions reduced investor activity across digital asset markets.

Coinbase showed continued progress in diversifying beyond its historically…