Coinbase Global Inc.’s first-quarter revenue jumped while profit declined as the largest US crypto exchange navigated the volatile price swings of the digital asset market.

Coinbase shares fell as first-quarter revenue came in shy of Wall Street's expectations, despite the growth in stablecoin revenue. In the quarter ended March 31, Coinbase earned $65.6 million, or 24 cents per share,

Crypto exchange Coinbase reported a drop in first-quarter profit on Thursday as a steep rise in costs more than offset revenue growth in its transaction and subscription units, sending its shares down 2.