(Corrects prior-year net income in paragraph 2 to $679.2 million from $697.2 million)

(Reuters) -Crypto exchange Coinbase reported a drop in first-quarter profit on Thursday as costs rose.

The company earned adjusted net income of $526.6 million, or $1.94 per share, for the three months ended March 31, compared with $679.2 million, or $2.53 per share, a year earlier.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Anil D'Silva)