Coinbase misses Q1 earnings, suffers 5-hour AWS outage — but bulls eye $300B by 2031!

Coinbase reported Q1 revenue of $1.41 billion, short of Wall Street's $1.52 billion estimate, and posted a net loss of $394.1 million — its second consecutive quarterly loss. Transaction revenue came in at $755.8 million versus the expected $805 million, with consumer spot trading volume down 35% quarter-over-quarter as Bitcoin finished Q1 off more than 20%.

Hours after the earnings release, an AWS thermal event in its US-EAST-1 Northern Virginia data center knocked out core trading services for over five hours, complicating CEO Brian Armstrong's pitch that Coinbase is becoming the infrastructure layer for stablecoins, derivatives, and AI-driven payments. The outage revived questions about centralized cloud dependency in an industry built around decentralization.

Not all the numbers were weak. Stablecoin revenue grew to $305 million from $274 million a year earlier, derivatives volume…