New York, February 18, 2026, 13:04 EST — Regular session
- Coinbase shares climbed after ARK Invest reported new purchases, with bitcoin sticking close to $67,000.
- Nevada’s latest bid to shut down prediction markets is throwing a spotlight back on Coinbase’s event-contract ambitions.
- Traders await fresh U.S. rate cues coming Wednesday, with inflation numbers still ahead this week.
Shares of Coinbase Global (COIN.O) traded at $167.50, up roughly 0.9% early Wednesday afternoon. The stock bounced between $165.38 and $173.89 over the course of the session.
The crypto exchange has been a barometer for risk sentiment lately, with traders waiting on Federal Reserve meeting minutes set for release at 2 p.m. EST. They’re combing through for any hint about the timing of the next rate cut. (Reuters)
For Coinbase, that’s an issue. Even if bitcoin stays steady, subdued markets often mean lighter trading, hitting fee revenue as customers pull back.
On Tuesday, ARK Invest, led by Cathie Wood, picked up 41,453 Coinbase shares—roughly $6.9 million worth—according to the fund’s latest trade disclosures. Investors.com reported the firm snapped up over 134,000 shares in just two sessions, flipping direction after offloading shares earlier this month. (The Block)
Bitcoin hovered near $67,104. Ether managed a 0.5% bump. Robinhood Markets edged up 1.3%. Strategy dipped 0.6%, echoing the broader shakeout in crypto-related shares.
Regulatory jitters have returned. Nevada’s gaming regulators have taken legal action against prediction-market operator Kalshi, aiming to prevent it from running sports event contracts in the state. According to Reuters, the state has already secured orders blocking both Coinbase and Polymarket from providing similar contracts in Nevada. Event contracts—essentially derivatives linked to everything from sports results to elections—remain in the spotlight. Coinbase, eyeing expansion past crypto, has called for clearer, harmonized rules. (Reuters)
The mood remains downbeat. Coinbase unexpectedly swung to a quarterly loss last week, pinched by softer trading volumes that dragged on transaction revenue. “Crypto is cyclical,” the company reminded investors in its shareholder letter. David Bartosiak of Zacks Investment Research labeled Coinbase’s more predictable revenue streams as “shock absorbers,” citing the uptick in subscription and services income, which captures stablecoins—these are tokens pegged to assets like the dollar or government bonds. (Reuters)
Still, if bitcoin drops or price swings remain subdued, that support could evaporate quickly—translating to fewer transactions, and less fee revenue for Coinbase. Ongoing legal disputes over event contracts, plus a patchwork of state regulations, could also slow Coinbase’s efforts to turn fresh offerings into significant revenue streams.
Friday brings the Personal Income and Outlays data, featuring the personal consumption expenditures price index—the Fed’s benchmark on inflation. The Bureau of Economic Analysis has February 20 marked for the next update. For Coinbase, focus shifts to whether bitcoin manages a move back over $70,000 and if the legal fights around prediction markets escalate. (Bea)
