New York, January 23, 2026, 11:26 EST — Regular session
- Coinbase shares dropped roughly 2% by midday, despite bitcoin holding steady.
- Grayscale’s latest SEC filing for its proposed BNB ETF names Coinbase units in several key positions.
- Traders juggle crypto news while bracing for a risk-off environment ahead of next week’s Fed meeting.
Shares of Coinbase Global slipped 1.95% to $218.78 on Friday. The stock opened at $222.43 and fluctuated between $216.50 and $223.77 during the session.
A registration statement filed Friday for a proposed Grayscale BNB ETF names Coinbase, Inc. as the fund’s prime broker, with Coinbase Custody Trust Company, LLC serving as custodian. This highlights how frequently the exchange is integrated into the infrastructure of potential crypto products. 1
The shift unfolded amid a weaker tone for risk assets. U.S. stocks dropped after Intel’s disappointing outlook weighed, as investors turned their attention to next week’s Federal Reserve meeting for rate hints; Peter Cardillo, chief market economist at Spartan Capital Securities, said guidance “now is more critical than ever.” 2
Bitcoin edged up roughly 0.7% to near $89,584, with ether hovering around $2,948. Coinbase shares, however, didn’t quite follow the tokens’ modest gains at the margin.
Crypto-related stocks showed a mixed bag. Robinhood Markets climbed roughly 2.2%, and Strategy Inc. (the company formerly known as MicroStrategy) added around 1.4%.
Coinbase’s revenue still largely depends on transaction fees, which fluctuate with prices and trading volumes. However, management has increasingly focused on “subscription and services” revenue streams—such as custody and infrastructure—that are generally steadier than spot trading income.
Tokenization is gaining momentum. F/m Investments revealed this week it has filed for SEC approval to register ownership of tokenized shares in its Treasury bill ETF on a permissioned blockchain. CEO Alexander Morris stated, “Tokenization is coming to securities markets whether we file this application or not.” Coinbase has already applied to the SEC to offer tokenized equities, and Nasdaq confirmed it’s working with regulators on tokenized securities, according to both the company and the exchange. 3
Institutional infrastructure is getting tighter. Crypto custody firm BitGo set its U.S. IPO price above the marketed range, a move Reuters flagged as a key gauge of investor appetite amid Washington’s ongoing debate over market-structure rules for digital assets. 4
The downside remains all too familiar: a drop in crypto prices can quickly stall activity, and gains from custody services or new market infrastructure might take quarters to appear in the numbers. Regulation adds another layer of uncertainty — tokenized securities and new crypto ETFs face direct scrutiny from the SEC, which will ultimately decide what gets the green light.
Coinbase’s next major event is its earnings report. The company plans to release its fourth-quarter and full-year 2025 results on Feb. 12, after the market closes, followed by a webcast the same day. 5
