U.S. markets saw a rotation into risk assets today and crypto-linked stocks, like Coinbase and Strategy, led some of the brightest gains of the day’s session. Even as broader indexes such as the Dow and S&P 500 traded mixed on inflation and economic data, digital-asset exposure helped certain high-beta names outperform.
Coinbase (COIN) was among the standout performers. COIN surged more than 18% on the day, finishing well ahead of most traditional technology stocks as traders “bought the dip” in crypto exposure.
The daily gain came despite a difficult earnings backdrop: Coinbase reported a $666.7 million Q4 2025 loss, its first in several quarters, driven by lower trading revenue as crypto volumes sagged.
Long-term revenue lines like subscription and services — particularly stablecoin revenue — showed strength, helping cushion sentiment.
Over the last couple of months, Coinbase shares have slid as the broader crypto market weakened and analysts grew more cautious.
Monness Crespi & Hardt downgraded $COIN from buy to neutral, setting a $120 price target and warning of downside risk tied to softer market conditions.
The stock has struggled in early 2026, falling roughly 34% year-to-date as Bitcoin dropped about 30% in the past month and altcoins posted even steeper losses. Lower crypto prices have reduced trading volumes, squeezing one of Coinbase’s main revenue drivers.
Meanwhile, CEO Brian Armstrong sold more than 1.5 million shares worth about $545 million, calling it a diversification move.
Strategy’s (MSTR) strong day
Strategy (MSTR) also posted notable upside on the day, with shares rising around 10% in line with a rebound in Bitcoin prices. Strategy shares have swung dramatically alongside bitcoin’s price, falling hard during the broader crypto sell-off before rebounding later into the week as markets stabilized.
Despite the turbulence, Strategy is staying committed to adding to its bitcoin treasury. The firm disclosed another purchase of more than 1,100 BTC this week, spending roughly $90 million at an average price near the high-$70,000 range.
Strategy also announced its latest earnings results, which reflected the risks of its bitcoin-heavy balance sheet.
The company posted a multi-billion dollar quarterly loss, largely tied to mark-to-market declines on its bitcoin holdings, underscoring how price downturns can heavily impact reported financial performance even as the firm maintains a long-term holding posture.
Executive Chairman Michael Saylor continued to publicly defend the strategy, reiterating that the company does not intend to sell bitcoin through downturns and arguing that Strategy is positioned to withstand extended volatility in Bitcoin’s price.
Other crypto-related stocks saw gains as well today, with Circle (CRCL) climbing roughly 7% and Galaxy Digital (GLXY) rising 6.5%, continuing the sector’s upward momentum.