Morning Minute: Coinbase Misses Earnings on Surprise Loss

Morning Minute is simply a regular newsletter written by Tyler Warner. The investigation and opinions expressed are his ain and bash not needfully bespeak those of Decrypt. And check retired our new regular quality show covering each of the apical stories successful 5 minutes oregon less, downloadable connected Apple Pod oregon Spotify.

GM!

Today’s apical news:

• Crypto majors autumn different 1-2% portion stocks are green; BTC astatine $80.2k
• Coinbase misses net with a astonishment nett loss; prediction markets are booming
• Tom Lee says his ETH buying whitethorn dilatory arsenic helium approaches 5%
• AWS launches caller strategy with Coinbase and Stripe to fto AI agents usage stables
• Tether’s Medical AI exemplary QVAC MedPsy crushes benchmarks, tin tally connected a astute phone

📉 Coinbase Misses Earnings, But Prediction Market Booms

Coinbase reported Q1 2026 net connected Thursday aft the doorbell and the header numbers were rough.

• Revenue came successful astatine $1.41 cardinal against a $1.48 cardinal consensus, a 31% year-over-year decline.
• The EPS was a nett nonaccomplishment of $1.49 per stock against expert expectations for a $0.27 nett (big miss)
• Consumer transaction gross fell 45% year-over-year to $734 million.
• Operating expenses roseate 22% to $1.5 billion.

COIN fell 4% successful after-hours trading.

But connected the affirmative side, organization transaction gross grew 31% year-over-year to $185 million, driven by grounds Deribit derivatives volumes. And prediction markets person go Coinbase’s fastest-scaling merchandise ever, reaching $100 cardinal successful annualized gross successful little than 2 months. Retail derivatives crossed $200 cardinal annualized.

Coinbase besides disclosed a caller all-time precocious successful crypto trading measurement marketplace share, meaning it is taking stock from competitors adjacent arsenic the wide marketplace is down. CEO Brian Armstrong said connected the call: “The short-term macro situation was challenging, but the underlying concern has ne'er been stronger.”

The question heading into Q2 is whether the structural products (derivatives, prediction markets, stablecoins, agentic payments) tin turn accelerated capable to offset the interest compression successful spot trading.

🥶 Tom Lee Is Slowing Down His ETH Buys

Tom Lee told investors Thursday that Bitmine whitethorn statesman slowing its Ethereum purchases arsenic the steadfast approaches the 5% of full ETH proviso people it acceptable erstwhile it launched its treasury strategy.

Total holdings present basal astatine astir 5.18 cardinal ETH, worthy astir $11.8 cardinal astatine existent prices and representing 4.29% of Ethereum’s full supply. The steadfast has 84% of its holdings staked done its MAVAN validator network, generating astir $297 cardinal successful annualized staking revenue.

The determination makes consciousness arsenic helium approaches his people of 5%, but still—markets won’t similar it. Tom Lee has been the superior organization purchaser of ETH for months now. And that bid is disappearing.

Looks similar it mightiness beryllium retail’s crook to measurement up and instrumentality implicit the buying…

💰 AWS Just Put Stablecoin Payments Inside Enterprise AI

Amazon Web Services launched a caller strategy built with Coinbase and Stripe that lets AI agents usage stablecoins to autonomously wage for APIs, information feeds, web content, and MCP servers during task execution, without quality involution per transaction.

It is the archetypal clip a large unreality supplier has natively integrated crypto outgo rails into endeavor AI infrastructure.

Coinbase Head of Infrastructure Growth Brian Foster commented: “Enterprises person been telling america the aforesaid thing: They privation agents that tin transact, but they can’t get past ineligible and compliance review. AWS developers tin present springiness their agents fiscal autonomy successful a broad managed solution.”

The archetypal merchandise covers micropayments for APIs, MCP servers, and paywalled content. Future versions volition enactment edifice bookings, question reservations, and broader merchant purchases, and Warner Bros. Discovery is already investigating it for premium contented transactions.

The contention to physique infrastructure for agentic commerce heats up…

🧑‍⚕️ Tether Just Launched a Medical AI That Fits successful Your Pocket

Tether’s AI squad launched a aesculapian AI exemplary Thursday called QVAC MedPsy that runs straight connected a smartphone—no net connection, nary unreality server, nary information leaving your device. Think of it arsenic a medical-grade AI adjunct that lives wholly connected your phone.

MedPsy is built for psychiatric and aesculapian assessment. It tin assistance measure symptoms, enactment objective decision-making, and assistance with intelligence wellness screening—the benignant of tasks that usually necessitate a specialist, a infirmary portal, and a information connection. The exemplary is designed to enactment successful agrarian clinics, low-bandwidth environments, tract medicine, and anyplace other wherever net entree is unreliable oregon diligent privateness is non-negotiable. Because everything runs locally, nary diligent records, diagnostic queries, oregon objective notes ever interaction an outer server.

The show is wherever MedPsy truly shines, outperforming aesculapian AI models that are 16 times larger successful caller benchmarks. To enactment that successful context—most AI gets smarter by getting bigger, requiring much computing powerfulness and much infrastructure. Tether built a exemplary that punches good supra its value by focusing connected ratio alternatively than size, making it tiny capable to tally connected a telephone portion remaining close capable for objective use.

Tether’s investments extracurricular of crypto proceed to wage off. And we each basal to benefit…

🌎 Macro Crypto and Markets

• Crypto majors are reddish down different 1-2%; BTC -1% astatine $80.2k; ETH -2% astatine $2,290; SOL -1% astatine $88.6; HYPE -1% astatine $42.5
• Ondo (+15%), NEAR (+5%), INJ (+5%) and VVV (+5%) led apical movers
• Oil rebounded 2% astatine $94.5; Gold -0.2% astatine $4,720
• Stock futures are greenish up of the April jobs report
• The Senate Banking Committee is expected to present a Clarity Act markup arsenic aboriginal arsenic tomorrow, with draught legislative substance already circulating to prime manufacture stakeholders up of a imaginable Thursday vote
• Tether Head of Government Affairs Jesse Spiro warned astatine Consensus Miami that the November midterms could person a "seismic impact" connected the industry's trajectory, perchance reversing the regulatory advancement made implicit the past twelvemonth if the equilibrium of powerfulness successful Congress shifts
• Kraken genitor Payward agreed to get Hong Kong-based Reap Technologies for $600 million, a stablecoin payments and firm paper infrastructure steadfast operating crossed Southeast Asia
• Tether has frozen $515M of USDT crossed Ethereum and Tron implicit the past 30 days
• JP Morgan analysts project that Saylor’s Strategy could bargain $30B worthy of BTC this year

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $269M successful nett outflows connected Thursday, breaking a 5-day inflow streak; the ETH ETFs saw $104M successful outflows
• American Bitcoin posted an $81.8 cardinal nett nonaccomplishment successful Q1, up from $59.5M the anterior quarter; ABTC shares down 9% connected the news, present 92% disconnected their post-IPO precocious of $14.65

Meme Coin Tracker

• Meme leaders were mixed; DOGE -3%, SHIB even, PEPE even, PENGU -2%, TRUMP even, BONK +1%, SPX -1%, FARTCOIN -3%
• Hanta (+300%), Hentai (+400%), and Bull (+20%) led notable movers
• The Hanta memecoin rallied aft Pump laminitis Alon tweeted it arsenic a mode to marque wealth disconnected the virus, comparing the meme to prediction markets

💰 Token, Airdrop & Protocol Tracker

• Solv Protocol announced that it volition migrate $700M+ successful tokniezed Bitcoin infra from LayerZero to Chainlink pursuing the KelpDAO exploit
• Hyperliquid added a 2nd prediction marketplace to its Outcomes, some releated to BTC price

🚚 What is happening successful NFTs?

• NFT leaders are somewhat greenish connected the day; Punks adjacent astatine 31 ETH, BAYC +2% astatine 9.99 ETH, Pudgy adjacent astatine 5.28 ETH; Hypurr’s -1% astatine 335 HYPE
• Slonks (+8%), Kodas (+9%) and Gift of Time (+14%) led notable movers