Coinbase Global, Inc. (NASDAQ: COIN) ended the holiday-shortened Christmas Eve session lower, then steadied in limited after-hours trading—setting up a “watch crypto first” narrative for investors heading into the next U.S. market session.
As of the close (1:00 p.m. ET), COIN finished at $239.73, down $2.57 (-1.06%). In after-hours trading, shares ticked up to about $240.10 (+0.15%) as of roughly 2:18 p.m. ET. [1]
One key context point: U.S. equity markets are closed tomorrow (Thursday, Dec. 25) for Christmas, and the next full trading day is Friday, Dec. 26. Christmas Eve (Dec. 24) is typically an early close, and major U.S. exchanges kept that schedule in place. [2]
Below is what mattered after the bell today—and what’s most likely to matter before the next time COIN trades in a regular U.S. session.
COIN’s post-bell snapshot: price, volume, and the holiday effect
Today’s move came in a session where liquidity and volume were naturally thinner because of the early close. According to end-of-day data, COIN traded about 3.83 million shares, versus 6.93 million the prior session—roughly 55% of yesterday’s volume. [3]
That matters because on low-liquidity days, price swings can be more “headline-sensitive” and less reflective of deep institutional repositioning. In other words: today’s tape can exaggerate both fear and relief.
The biggest driver for Coinbase shares remains crypto’s direction (even when Wall Street is closed)
Coinbase is still widely treated by traders as a high-beta proxy for crypto market sentiment—especially Bitcoin—because Coinbase’s activity levels (trading volumes, spreads, derivatives participation, and some subscription lines) tend to rise and fall with crypto volatility and investor participation.
Late today, crypto prices were modestly lower:
- Bitcoin (BTC): about $87,369 (down ~0.5%)
- Ethereum (ETH): about $2,936 (down ~0.2%)
That “quiet-but-soft” crypto tape helps explain why COIN didn’t ride the broader stock-market mood higher. Barron’s stock-movers recap specifically flagged a dip in Bitcoin alongside weakness in crypto-linked equities, including Coinbase. [4]
Why this matters into the next market session
Because crypto trades 24/7 while COIN trades on U.S. equity hours, COIN can gap up or down when stocks reopen—especially after long market closures. With U.S. markets shut on Dec. 25, the “gap risk” into Friday (Dec. 26) is higher than usual if Bitcoin or Ethereum break out of their recent range.
Today’s Coinbase-specific headline: Litecoin transactions delay
The most concrete, same-day company headline was operational:
Coinbase’s status page reported an incident involving Litecoin (LTC) delayed transactions, noting that Coinbase was investigating delayed sends/receives, while buys, sells, and fiat withdrawals/deposits were not affected, and that funds were safe. [5]
For shareholders, incidents like this typically matter in three ways:
- Reputation / reliability narrative (especially for institutions and power users).
- Short-term user activity friction (deposits/withdrawals can affect trading behavior).
- Whether the issue broadens to other assets/networks—or resolves quickly.
What to watch before the next session: whether Coinbase marks the incident as resolved, and whether any follow-on network issues appear in the status log. [6]
Another “today” focus for investors: insider selling by CEO Brian Armstrong (Form 4)
A separate story circulating in today’s market coverage was insider selling tied to CEO Brian Armstrong.
In an SEC Form 4 filing, Armstrong reported transactions dated Dec. 22, 2025, including the exercise of options (40,000 shares) and subsequent sales in multiple blocks at weighted-average prices (with detailed price-range footnotes). The filing also states the trades were conducted under a Rule 10b5-1 plan adopted Aug. 15, 2025. [7]
How markets typically interpret this
Insider sales aren’t automatically bearish, particularly when:
- they’re part of a pre-scheduled 10b5-1 plan, and/or
- they accompany option exercises (which can create tax obligations).
But in a market already focused on volatility, insider selling can still pressure sentiment at the margin—especially around year-end when positioning is lighter.
Product/strategy drumbeat: “Everything Exchange” expansion is still the central bullish narrative
Even though it wasn’t the top “after-hours” driver today, Coinbase’s broader strategy remains a major theme in recent analyst and media coverage: expanding beyond spot crypto trading into a broader financial platform.
Coinbase itself has described its push toward becoming an “Everything Exchange,” including expansion into additional asset types and product categories. [8]
And on the product infrastructure side, Coinbase’s help documentation notes that Coinbase Exchange supports Base as a network option for SOL deposits/withdrawals, powered by the Base <> Solana bridge, enabling cross-chain transfers and ERC-20 representation of SOL on Base (where available). [9]
Why this matters for the stock: investors are watching whether Coinbase can reduce reliance on retail spot trading cycles by building durable revenue streams across trading, payments, custody, infrastructure, and new “market format” products.
Forecasts and analyst views: upside cases vs. 2026 headwind cases
Today’s read-through across forecasts and commentary is that COIN remains a high-disagreement stock—and that matters because disagreement often equals volatility.
The consensus-style forecast picture (targets and ratings)
MarketBeat’s aggregation shows analysts collectively leaning Moderate Buy, with a consensus price target well above today’s ~$240 area (MarketBeat lists a target around the high $300s, with a wide range across firms). [10]
Investopedia recently highlighted Deutsche Bank’s view on Coinbase’s broader platform push, including a Buy rating and a $340 price target in that discussion of Coinbase’s “everything app” ambitions. [11]
How to use these forecasts responsibly: price targets are not guarantees—they’re scenario-weighted views that can change quickly with Bitcoin, regulation, and trading volumes.
The bear / caution case getting attention today
A prominent caution theme in today’s analysis commentary is margin and revenue-mix sensitivity going into 2026—especially:
- potential pressure on stablecoin-related interest income if rates fall, and
- higher operating costs from growth investments and acquisitions.
That view was explicitly reflected in at least one widely read sell-rated analysis published today. [12]
Bottom line: the bull case is “platform expansion + crypto recovery + institutionalization.” The bear case is “crypto stays rangebound + rate cuts compress key revenue streams + costs rise.”
What to know before the market “opens tomorrow” (and the key calendar reality)
Because this is a common point of confusion around holidays, it’s worth stating plainly:
- There is no regular U.S. stock market open tomorrow, Dec. 25, 2025 (Christmas Day).
- The next full U.S. equity session is Friday, Dec. 26, 2025. [13]
So what you’re really preparing for is the next session after the holiday break, when COIN can reprice quickly to match whatever crypto did while equities were closed.
The checklist: what COIN investors should watch before the next session
1) Bitcoin and Ethereum price action while equities are closed
COIN frequently reacts to:
- BTC breaking above/below key psychological levels,
- sudden volatility spikes, and
- weekend/holiday “thin liquidity” moves that reverse fast.
Even modest moves can translate into a bigger proportional move in COIN because the stock embeds expectations about activity (trading, spreads, derivatives, retail engagement)—not just spot prices.
2) Any status updates on Litecoin delays (and whether it spreads)
If the LTC issue moves from “investigating” to “resolved,” that can remove a small overhang. If it persists, social chatter and customer frustration can amplify it. Monitor Coinbase’s official status log. [14]
3) Holiday liquidity conditions
With fewer participants active, small catalysts can move prices more than usual. Today’s shortened session is a preview of that dynamic. [15]
4) Any fresh regulatory or policy headlines affecting crypto market structure
Broader industry coverage today emphasized how policy direction and enforcement posture can change market behavior and risk premia, even when price action is muted. [16]
5) Near-term “known unknowns”: earnings timing and catalyst windows
Coinbase has not (as of today) broadly confirmed its Q4 2025 earnings date in the same way a formal IR release would, but market calendars commonly estimate mid-February 2026 (algorithm-based projections vary by source). [17]
Practical takeaway: if you’re positioning for earnings volatility, rely on Coinbase Investor Relations for the official announcement when it drops—not third-party estimates.
Where this leaves COIN after the bell on Dec. 24
COIN ends Christmas Eve trading in a familiar setup:
- Crypto prices are soft but not collapsing,
- liquidity is thin,
- and company-specific headlines (LTC delays, insider-sale optics) are competing with the longer-term narrative that Coinbase is trying to become a broader financial platform.
That combination often produces gap risk and fast reversals—especially around holiday closures.
This article is for informational purposes only and is not investment advice. Markets and crypto assets can be volatile, and prices can change rapidly.
References
1. finance.yahoo.com, 2. www.reuters.com, 3. stockanalysis.com, 4. www.barrons.com, 5. status.coinbase.com, 6. status.coinbase.com, 7. www.sec.gov, 8. www.coinbase.com, 9. help.coinbase.com, 10. www.marketbeat.com, 11. www.investopedia.com, 12. seekingalpha.com, 13. www.reuters.com, 14. status.coinbase.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.nasdaq.com
