New York, Feb 17, 2026, 10:33 EST — Regular session
- Coinbase shares fall nearly 2% in early trade as bitcoin weakens
- Mizuho cuts its Coinbase price target to $170, citing lower bitcoin prices
- Traders focus on U.S. inflation data later this week for the next risk-sentiment cue
Coinbase Global (COIN.O) shares fell about $3 on Tuesday, tracking a softer bitcoin and a fresh price-target cut from Mizuho. The stock was down $3.03, or 1.8%, at $161.29 in morning trade, while bitcoin slipped 1.4%; Robinhood (HOOD.O) fell 3.2% and Strategy (MSTR.O) dropped 5.1%.
The pullback comes with risk appetite still shaky after another bout of selling pressure in tech-heavy names. Nasdaq 100 futures were down 0.9% earlier, and investors have been “stress testing” business models as AI-related jitters ripple through markets, Axel Botte, head of market strategy at Ostrum Asset Management, told Reuters. (Reuters)
For Coinbase, the timing matters because the stock has been trading like a levered bet on crypto prices and on the broader mood for high-growth assets. When that mood turns, volumes and spreads can dry up fast.
Mizuho analyst Dan Dolev lowered his price target on Coinbase to $170 from $280 and kept a Neutral rating, pointing to lower bitcoin prices. Dolev said the “crypto winter” is still squeezing fundamentals and argued Robinhood remains better positioned than Coinbase. (TipRanks)
Crypto markets were subdued as holidays in several major markets thinned trading and left fewer cues, while investors stayed cautious ahead of key U.S. economic readings and planned U.S.-Iran talks, Investing.com reported. (Investing)
Coinbase also flagged a U.S. tax-reporting shift that could raise the paperwork load across the industry. In a Feb. 17 blog post, the company said the IRS will require custodial brokers to report customer proceeds from crypto transactions via a new Form 1099-DA, and that Coinbase will deliver tax documents to customers by March 17. (Coinbase)
The company is still trying to convince investors it can ride out the downturn. Coinbase reported a $666.7 million quarterly loss last week as trading volumes weakened; “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems,” the company said in its shareholder letter. (Reuters)
A bigger question is whether newer, steadier revenue lines can keep cushioning the swings. Stablecoins — tokens designed to hold a steady value, usually pegged to a currency like the U.S. dollar — and subscriptions can help, but they do not remove Coinbase’s exposure to the next leg in crypto prices.
Investors are also watching for signs retail trading activity is returning, and whether bitcoin can stabilize after repeated dips toward the mid-$60,000s. If it can’t, Coinbase tends to feel it quickly.
But the setup can turn against the stock just as fast. Another sharp drop in bitcoin, a renewed jump in bond yields, or a fresh regulatory twist could hit crypto-linked equities and bring back the kind of air pockets traders saw earlier this month.
The next test comes on Feb. 20, when the U.S. Bureau of Economic Analysis releases the personal consumption expenditures price index — the inflation gauge the Federal Reserve watches closely — a data point that can reset rate expectations and risk appetite in one shot. (Bureau of Economic Analysis)
