Coinbase, a leading cryptocurrency company, reported a 22% sequential growth in net revenue to $736 million in Q1 2023, with a 37% reduction in recurring operating expenses. However, the company still incurred a net loss of $79 million during the period.

Coinbase's revenue is divided into two main categories: transaction revenue and revenue from subscriptions and services, with the latter accounting for over 49% of total revenue last quarter. Interest income from the USD Coin revenue sharing agreement with Circle was a significant contributor to this growth. Despite a decline in the stablecoin market, Coinbase is projecting $300 million in revenue from subscriptions and services for Q2 2023, but even with this estimate, Q2 revenue is expected to be only $563 million.