Coinbase trading disrupted within hours of earnings
UTED
2026
IBIT
NORT
BLACKROCK
Coinbase (Nasdaq: COIN), the largest crypto exchange in the United States, suffered a long outage within hours of reporting its earnings for Q1 2026 on May 7.
The exchange updated at 18:06 PDT that it was aware that customers may be unable to transact and its team was investigating the issue.
Next, it updated at 18:53 PDT that customers are experiencing degraded performance right now due to an Amazon Web Services (AWS) outage. It ensured that customer funds are safe.
Related: Coinbase announces layoff ahead of earnings
At 23:24 PDT, Coinbase shared that it has put all its markets are in “Cancel Only” mode in which all resting orders are cancelable and market and limit orders are not accepted.
Next, it updated at 23:39 PDT that it will put the markets in "Auction" mode in which customers can post limit orders and view the resulting indicative open price.
At 00:49 PDT on May 8, Coinbase re-enabled all the markets for trading.
The trading disruption happened due to an AWS data center in Northern Virginia overheating.
It took longer than expected to bring additional cooling system capacity online so that it can recover the affected infrastructure in a controlled and safe manner, AWS said.
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Earnings miss estimates
Earlier, Coinbase reported its quarterly earnings for Q1 2026 after the closing bell on May 7.
The exchange posted a revenue of $1.41 billion, falling short of the Wall Street consensus of $1.48 billion.
The earnings per share (EPS) came at a negative $1.49, against the estimated EPS of $0.04.
The disappointed results can be attributed to $482 million in the unrealized losses on crypto assets held for investment, primarily due to Bitcoin's slide during the quarter.
