This points towards not you key not your coin, especially in the time of crypto bear market, it is better to have your coin on a noncustodial wallet which you have control over.
You don't understand.
Coinbase still owns the coins. The company lost $1.1B in revenues, not $1.1B of coins, it's a difference.
When a company has less activity, so makes less revenues, it consumes fewer resources/infrastructures/employees, and as any company decently managed, it adapts the resources/infrastructures/employees. It's all about management.
The point is because Coinbase makes less money, people who invested get less dividends and won't be happy
Revenue US$7.84 billion (2021)
Operating income US$3.08 billion (2021)
Net income US$3.62 billion (2021)
Total assets US$21.3 billion (2021)
Total equity US$6.38 billion (2021)
Number of employees 3,730 (2021)