The U.S. markets experienced a shift toward risk assets today, with crypto-linked stocks, notably Coinbase and Strategy, leading the day’s gains. Despite a mixed performance from broader indices such as the Dow and S&P 500—impacted by inflation and economic data—certain high-beta names benefitted from digital asset exposure.
Among the standout performers, Coinbase (COIN) experienced an impressive surge of over 18%, significantly outpacing many traditional technology stocks. This increase was attributed to traders capitalizing on perceived opportunities in the crypto market.
This daily gain occurred against a challenging earnings backdrop; Coinbase reported a loss of $666.7 million for Q4 2025, its first loss in several quarters. This decline was primarily driven by decreased trading revenue amid declining crypto trading volumes.
Notably, long-term revenue components, such as subscription services—particularly stablecoin revenue—demonstrated resilience, helping to stabilize market sentiment.
In recent months, Coinbase shares have experienced a downward trend as the overall crypto market weakened and analysts adopted a more cautious stance. Monness Crespi & Hardt downgraded $COIN from a ‘buy’ to a ‘neutral’ rating, setting a price target of $120 and highlighting potential downside risks due to softer market conditions.
The stock has encountered difficulties in the early part of 2026, declining approximately 34% year-to-date as Bitcoin has fallen about 30% in the past month, with altcoins experiencing even sharper losses. This decrease in crypto prices has subsequently impacted trading volumes, which are a critical revenue driver for Coinbase.
Additionally, CEO Brian Armstrong has divested more than 1.5 million shares valued at approximately $545 million, describing the action as a strategy for portfolio diversification.
Strategy’s (MSTR) Noteworthy Performance
Strategy (MSTR) also showed significant gains today, with shares rising around 10% in correlation with a rebound in Bitcoin prices. The performance of Strategy’s shares has been highly reactive to Bitcoin prices, exhibiting sharp declines during broader crypto sell-offs before rebounding later in the week amid stabilizing market conditions.
Despite the volatility, Strategy remains committed to augmenting its Bitcoin treasury. The firm disclosed the purchase of over 1,100 BTC this week, investing approximately $90 million at an average price in the high-$70,000 range.
Strategy also released its latest earnings results, which highlighted the risks associated with its Bitcoin-heavy balance sheet. The firm reported a multi-billion dollar quarterly loss primarily linked to mark-to-market declines of its Bitcoin holdings. This situation illustrates how significant price downturns can substantially affect reported financial results, even as the company maintains a long-term holding strategy.
Executive Chairman Michael Saylor has consistently defended this approach, asserting that the company does not intend to liquidate Bitcoin during downturns and believes Strategy is well-positioned to endure extended price volatility in the Bitcoin market.
In addition to Coinbase and Strategy, other crypto-related stocks saw gains today, with Circle (CRCL) increasing approximately 7% and Galaxy Digital (GLXY) rising 6.5%, contributing to the sector’s upward momentum.
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