New York, Feb 9, 2026, 11:11 EST — Regular session
- Coinbase shares climbed, with traders reacting to a federal judge tossing out the company’s attempt to halt Nevada from pursuing action over event-based contracts.
- Bitcoin edged lower, weighing on shares tied to crypto and tamping down hopes for trading-fee gains.
- Next up: Coinbase is set to report quarterly results later this week, a major catalyst in play.
Coinbase Global stock edged 0.9% higher to $166.60 in late morning trading, having bounced between $159.36 and $166.64 earlier.
Now a high-beta proxy for U.S. crypto sentiment, the stock faces a tricky stretch—there’s a new legal setback in Nevada, plus results coming up as investors want to see that trading volumes haven’t slumped once more.
A U.S. judge in Nevada on Saturday shot down Coinbase Financial Markets’ bid for an emergency restraining order and injunction, tossing out its federal lawsuit. The judge said federal courts can’t step in while a state case is already in motion. Nevada’s state court had already put a temporary restraining order in place on Feb. 5, according to the order. 1
Regulators in Nevada say Coinbase’s so-called “event contracts”—derivatives tied to the results of sporting or other events—violate state law as unlicensed gambling. “The Board takes seriously its obligation to operate a thriving gaming industry and to protect Nevada citizens,” Nevada Gaming Control Board Chairman Mike Dreitzer said in a statement last week.
Coinbase grabbed attention during Sunday’s U.S. football championship, airing a karaoke-inspired ad targeting a broad audience. “Crypto is literally for everybody,” said Chief Marketing Officer Catherine Ferdon in a company statement. 2
Bitcoin dropped 2.6%, landing near $69,186 and putting pressure on the broader sector. Robinhood Markets added 6.1%. Strategy gave up 2.1%.
Crypto assets have been on a roller-coaster. Bitcoin dropped to roughly $60,000 last week, then clawed its way back. Shares of crypto-linked names like Coinbase also saw big moves as risk sentiment shifted. 3
Investors face a packed stretch for U.S. markets this week, as major companies report earnings and crucial economic data lands—conditions primed to magnify swings in already volatile stocks. 4
The risk is hard to miss: tougher action from courts or state regulators on event contracts, or another crypto slump that drags down trading—either could hit Coinbase’s revenue quickly.
Investors this quarter want to hear about retail trading volumes, fee take rates, and whether subscription and services revenue might offset another slow stretch. Updates on potential legal risks from new products? Those will get noticed, too.
Coinbase’s quarterly numbers are up after the bell Thursday, Feb. 12, landing among a handful of closely watched reports that might steer the sector’s mood going into next week. 5
