GM!
Today’s top news:
Crypto majors fall another 1-2% while stocks are green; BTC at $80.2k Coinbase misses earnings with a surprise net loss; prediction markets are booming Tom Lee says his ETH buying may slow as he approaches 5% AWS launches new system with Coinbase and Stripe to let AI agents use stables Tether’s Medical AI model QVAC MedPsy crushes benchmarks, can run on a smart phone Coinbase Misses Earnings, But Prediction Market Booms Revenue came in at $1.41 billion against a $1.48 billion consensus, a 31% year-over-year decline. The EPS was a net loss of $1.49 per share against analyst expectations for a $0.27 profit (big miss) Consumer transaction revenue fell 45% year-over-year to $734 million. Operating expenses rose 22% to $1.5 billion.COIN fell 4% in after-hours trading.
But on the positive side, institutional transaction revenue grew 31% year-over-year to $185 million, driven by record Deribit derivatives volumes. And prediction markets have become Coinbase’s fastest-scaling product ever, reaching $100 million in annualized revenue in less than two months. Retail derivatives crossed $200 million annualized.
Coinbase also disclosed a new all-time high in crypto trading volume market share, meaning it is taking share from competitors even as the overall market is down. CEO Brian Armstrong said on the call: “The short-term macro environment was challenging, but the underlying business has never been stronger.”
The question heading into Q2 is whether the structural products (derivatives, prediction markets, stablecoins, agentic payments) can grow fast enough to offset the fee compression in spot trading.
Total holdings now stand at approximately 5.18 million ETH, worth roughly $11.8 billion at current prices and representing 4.29% of Ethereum’s total supply. The firm has 84% of its holdings staked through its MAVAN validator network, generating approximately $297 million in annualized staking revenue.
The move makes sense as he approaches his target of 5%, but still—markets won’t like it. Tom Lee has been the primary institutional buyer of ETH for months now. And that bid is disappearing.
Looks like it might be retail’s turn to step up and take over the buying…
It is the first time a major cloud provider has natively integrated crypto payment rails into enterprise AI infrastructure.
Coinbase Head of Infrastructure Growth Brian Foster commented: “Enterprises have been telling us the same thing: They want agents that can transact, but they can’t get past legal and compliance review. AWS developers can now give their agents financial autonomy in a comprehensive managed solution.”
The initial release covers micropayments for APIs, MCP servers, and paywalled content. Future versions will support hotel bookings, travel reservations, and broader merchant purchases, and Warner Bros. Discovery is already testing it for premium content transactions.
The race to build infrastructure for agentic commerce heats up…
MedPsy is built for psychiatric and medical assessment. It can help evaluate symptoms, support clinical decision-making, and assist with mental health screening—the kind of tasks that normally require a specialist, a hospital portal, and a data connection. The model is designed to work in rural clinics, low-bandwidth environments, field medicine, and anywhere else where internet access is unreliable or patient privacy is non-negotiable. Because everything runs locally, no patient records, diagnostic queries, or clinical notes ever touch an external server.
The performance is where MedPsy really shines, outperforming medical AI models that are 16 times larger in recent benchmarks. To put that in context—most AI gets smarter by getting bigger, requiring more computing power and more infrastructure. Tether built a model that punches well above its weight by focusing on efficiency rather than size, making it small enough to run on a phone while remaining accurate enough for clinical use.
Tether’s investments outside of crypto continue to pay off. And we all stand to benefit…
