New York, Feb 17, 2026, 10:33 EST — Regular session
- Coinbase shares slipped almost 2% in early trading, pulled lower as bitcoin lost ground.
- Mizuho has lowered its price target on Coinbase to $170, pointing to the drop in bitcoin prices as the trigger.
- U.S. inflation numbers due later this week have traders watching closely for the next signal on risk appetite.
Coinbase Global (COIN.O) dropped roughly $3 in early Tuesday action, weighed down by both a weaker bitcoin and a new price target cut from Mizuho. Shares traded at $161.29, off $3.03, or 1.8%. Bitcoin was off 1.4%. Robinhood (HOOD.O) slid 3.2%, and Strategy (MSTR.O) lost 5.1%.
The retreat follows fresh losses in tech-heavy stocks, leaving risk appetite on edge. Nasdaq 100 futures slipped 0.9% earlier. Investors are picking apart business models under the weight of AI-driven worries, said Axel Botte, head of market strategy at Ostrum Asset Management, speaking with Reuters. 1
Timing is key for Coinbase. The stock’s been moving almost in lockstep with crypto prices—and riding the swings in sentiment for high-growth names. Once that mood sours, volumes and spreads can tighten in a hurry.
Mizuho’s Dan Dolev cut his Coinbase target down to $170, slashed from $280, sticking with a Neutral rating as bitcoin prices slide. Dolev warned the “crypto winter” continues to pressure fundamentals and called Robinhood a stronger play compared to Coinbase. 2
Crypto prices drifted in quiet trade, with holidays shuttering major markets and keeping volumes thin. Investors mostly held back, eyeing upcoming U.S. economic data and the scheduled U.S.-Iran discussions, according to Investing.com. 3
Coinbase is alerting the industry to a coming change in U.S. tax reporting requirements that may add to the paperwork burden. In a Feb. 17 blog post, the company said custodial brokers will now have to report customer crypto transaction proceeds on a new Form 1099-DA, per IRS rules. Coinbase plans to send out these tax forms to customers by March 17. 4
Coinbase is working to reassure investors after posting a $666.7 million loss for the quarter last week, hit by falling trading volumes. The company, in its letter to shareholders, wrote, “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems.” 5
The bigger issue: Can fresh, more consistent revenue streams keep absorbing the volatility? Stablecoins—tokens meant to maintain a fixed value, typically tied to the U.S. dollar—and subscription products offer some buffer. Still, Coinbase remains exposed to whatever direction crypto prices take next.
Investors are looking for clues that retail traders might be getting back in—and they’re eyeing bitcoin, which keeps sliding toward the mid-$60,000s. If that slump persists, Coinbase usually takes the hit fast.
The setup can flip quickly, though. A sudden bitcoin slump, bond yields surging again, or a new regulatory surprise—any of those could slam crypto-related stocks and trigger the same abrupt selloffs traders weathered earlier this month.
Feb. 20 is circled on the calendar for markets: that’s when the U.S. Bureau of Economic Analysis drops its personal consumption expenditures price index. This is the inflation reading the Fed takes seriously—a single number with the power to jolt rate forecasts and shake up risk sentiment. 6
