Shares of the crypto exchange fell about 5% in premarket trading on Friday after a surprise first-quarter loss and missed Wall Street estimates on revenue.

‘Something’s Always Up, Something’s Down’

Executives spent much of the earnings call emphasizing newer businesses that they say can reduce the company’s dependence on volatile crypto trading cycles.

“Something’s always up, something’s down … that’s the nature of trading, so it’s important we’re diversifying,” Chief Executive Brian Armstrong said on the call.

Coinbase said prediction markets — launched in partnership with Kalshi earlier this year — reached an annualized revenue run rate of $100 million in March, just two…

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