Coinbase Global (COIN) posted a wider-than-expected Q1 net loss on Thursday, marking the major crypto exchange’s second quarter in the red since the crypto market began to slump last fall.

The company reported a net loss of $394 million, or $1.49 per share, in the first quarter. That’s compared to a profit of $66 million, or $0.24 per share, in the year-ago period and a net loss of $667 million, or $2.49 per share, in the previous quarter.

Net revenue also missed analyst expectations, falling 31% to $1.4 billion.

“We controlled what we could control,” Coinbase CFO Alesia Haas said in an interview, adding that the firm grew the US spot crypto trading market during the period.

“Our fundamentals are strong…