New York, Feb 23, 2026, 13:07 (EST) — Regular session.
- Coinbase shares slid about 6% as bitcoin fell below $65,000 and risk appetite thinned
- Crypto-linked stocks tracked a broader equities pullback tied to fresh U.S. tariff uncertainty
- Traders are watching whether crypto prices stabilize ahead of the tariff start date on Tuesday
Coinbase Global Inc shares fell sharply on Monday, tracking a drop in bitcoin as investors cut exposure to risk assets amid renewed U.S. tariff uncertainty. Coinbase shares were down 6.3% at $160.58 in early afternoon trade.
Bitcoin was down 3.8% at $64,783 after earlier sliding to $64,283, while ether fell 3.9% to $1,864, data showed. Crypto prices often set the tone for trading activity at exchanges like Coinbase, which depend on customer volumes for a large share of revenue.
The pullback in crypto came as Wall Street’s main indexes fell more than 1% and investors weighed another turn in U.S. trade policy. President Donald Trump announced first a 10% and then a 15% global levy that could last five months, and “markets don’t like uncertainty,” said Steve Sosnick, chief market analyst at Interactive Brokers. (Reuters)
Other crypto-exposed stocks also slipped. Robinhood Markets was down 5.0% and Strategy fell 5.5% in midday trade.
Coinbase’s stock has been sensitive to swings in crypto prices and volatility after the company posted a surprise quarterly loss earlier this month as trading volumes cooled during a broad digital-asset selloff. “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems,” Coinbase said in its shareholder letter. (Reuters)
Investors have also been focused on Coinbase’s outlook for subscription and services revenue — a bucket that includes stablecoins, digital tokens designed to hold a steady value, usually pegged to the dollar. Coinbase said it expected first-quarter subscription and services revenue of $550 million to $630 million. (Investing)
Still, crypto’s tape can flip quickly, and that cuts both ways for exchange shares. A deeper slide in bitcoin could keep retail activity muted and pressure fee revenue, while sharp rebounds can lift volumes but also raise the odds of sudden reversals in sentiment.
For now, traders are bracing for the next macro jolt: the new tariffs are set to start on Tuesday under Section 122 of the Trade Act, a rarely used authority that allows duties of up to 15% for up to 150 days, a Reuters report said. (Reuters)
