New York, Feb 13, 2026, 10:44 (EST) — Regular session
- Coinbase shares jumped in early trading, shaking off a choppy post-earnings move.
- Weaker trading fees are giving investors pause, though revenue from stablecoins and subscriptions remains steady.
- With U.S. markets closed on Monday for Presidents Day, focus shifts to crypto prices and developments in U.S. regulation.
Shares of Coinbase Global, Inc. climbed roughly 15% Friday morning, trading at $162.61 after buyers came back to crypto stocks. This move followed the exchange’s unexpected quarterly loss reported the previous day.
Why does it matter? Coinbase offers a fast look at U.S. crypto demand, especially when major tokens go quiet and retail action dries up. Fee revenue for trading platforms hangs in the balance.
This comes as lawmakers in Washington continue to wrangle over rules for stablecoins and what trading platforms can offer customers—a policy fight with the potential to shift the economics for any business aiming to move beyond just collecting trading fees.
Coinbase posted a net loss of $666.7 million, or $2.49 per share, for the quarter ending Dec. 31. That’s the company’s first quarterly loss since Q3 of 2023, as trading activity slumped during a widespread digital-asset selloff, according to Reuters. Transaction revenue dropped to $982.7 million, down from $1.56 billion a year ago. On the other hand, subscription and services revenue jumped 13.5% to $727.4 million, lifted by stablecoin revenue, which hit $364.1 million. Stablecoins are tokens pegged to hold a fixed value, usually backed by dollars or government securities. “It’s all about the company’s diversification and ‘shock absorbers’,” said David Bartosiak, stock strategist at Zacks Investment Research. (Reuters)
Coinbase reported around $420 million in transaction revenue for the first quarter up to Feb. 10, according to its shareholder letter. The company projected its subscription and services revenue would land between $550 million and $630 million for the same period. As of the end of 2025, Coinbase held $11.3 billion in cash and cash equivalents. It also bought back $1.7 billion worth of Class A common stock during the fourth quarter and up to Feb. 10. (Q4 Capital)
Chief executive Brian Armstrong says, “The Everything Exchange is working,” citing early Q1 surges: record-breaking gold and silver volumes, along with increased DEX-enabled spot trades and prediction market activity. Chief financial officer Alesia Haas noted the company “extended our multi-year track record of profitability,” even as it rolled out new offerings like derivatives and equities. (Coinbase Investor Relations)
Plenty of skepticism remains. Monness Crespi Hardt cut Coinbase to “sell” from “buy” on Thursday, describing recovery hopes as “foolish and facile.” Analysts there say the shares continue to reflect an imminent crypto rally that hasn’t materialized. (Investing)
Coinbase surged alongside other crypto-linked names. Robinhood Markets tacked on roughly 8%, Circle Internet Group also added around 8%. Bitcoin climbed 2%, while ether jumped over 4%.
U.S. Treasury Secretary Scott Bessent called on Congress to move forward with a digital-asset regulation bill this spring, putting a spotlight on how investor mood is tracking developments in federal crypto oversight. (Reuters)
Still, that risk lingers. A new drop in crypto prices—if that happens while volatility remains subdued—could hammer trading fees, and the stock could get tossed around much like it did in the latest selloff.
With U.S. markets shut for Presidents Day on Monday, traders only get four sessions to track crypto moves, watch for updates on the Clarity Act debate, and see if Coinbase can hang on to its first-quarter momentum when trading resumes Tuesday. (Nasdaq)
