Coinbase Global (NASDAQ:COIN) reported Q1 earnings with total revenue of $1.64 billion, surpassing the consensus estimate of $1.34 billion. GAAP EPS was $4.40. Net revenue increased by 72% QoQ to $1.6 billion, with transaction revenue at $1.08 billion. Institutional trading volume and active accounts reached all-time highs. Net income was $1.2 billion, including $737 million in pretax crypto asset gains. Bitcoin and Ethereum represented significant portions of trading and transaction revenue. The company's Layer 2 platform, Base, saw an 8x increase in developer activity. Coinbase anticipates Q2 subscription and services revenue between $525 million to $600 million. After the report, COIN shares dropped 3.25% in after-hours trading.