New York, Feb 21, 2026, 13:56 EST — The session wrapped up with markets closed.
- Coinbase shares climbed roughly 3% Friday, finishing the session at $171.35.
- White House discussions over stablecoin “rewards” remain unresolved so far; Coinbase’s legal chief described the exchanges as “cooperative.”
- Monday’s session starts with traders eyeing headlines out of Washington, platform stability news, and waiting for this week’s crucial inflation numbers.
Coinbase Global Inc finished Friday at $171.35, up 3.3%. The U.S. exchange operator faces renewed policy risk as it heads into the weekend, but crypto prices are holding steady. On Saturday, bitcoin was trading near $68,607 while ether sat at about $1,994, both showing gains for the day.
The policy risk here isn’t theoretical. Crypto and banking lobbyists showed up at the White House again on Thursday, Feb. 19, marking their third sit-down in barely two weeks, all centered on “stablecoin rewards”—the interest-style payouts tied to dollar-linked tokens that have complicated progress on a wider crypto market overhaul. Ripple’s Stuart Alderoty posted on X, “We rolled up our sleeves and went through specific language today.” Coinbase’s Paul Grewal described the tone as “cooperative” and said the discussion was “constructive.” (FXStreet)
Regulation and revenue pressures are piling up for Coinbase. Earlier this month, the company reported it had swung to a quarterly loss, a hit driven by softer trading volumes that knocked down transaction revenue—though stablecoin-related revenue climbed to $364.1 million, according to Reuters. Coinbase’s tie-up with Circle lets it pull in revenue from USDC, bringing in interest off the token’s reserve assets. CEO Brian Armstrong has pushed back against suggested limits on stablecoin rewards. (Reuters)
Volume worries are front and center for Wall Street, too. Compass Point slashed its Coinbase price target to $140 from $190, sticking with its Sell call after spotting a drop-off in both spot and derivatives trading since the company’s Q4 numbers. Retail “apathy” remains a hallmark of crypto winters, the firm said, but this cycle’s competition looks stiffer. “Accommodative regulations” are luring established fintechs and electronic brokers into the market. (Investing.com)
Coinbase on Friday pointed out a technical hiccup impacting how decentralized-exchange token balances show up on its platform. Decentralized, or “DEX,” tokens are traded on blockchain-based markets without a central operator. The company posted to its status page, noting, “We’re currently investigating an issue affecting the display of DEX token balances. This is purely a display issue, and your funds are safe.” (Coinbase Status)
Yet another skeptic is dialing in specifics on the downside. Gus Gala at Monness, Crespi, Hardt has “recently downgraded” Coinbase to Sell and slapped a $120 target on it, according to Barchart. Gala pointed out that crypto bear markets typically run about 350 days, peak to trough. He’s projecting continued weakness for Coinbase into the first half of 2026, placing his forecasts below the Street. (barchart.com)
It’s not just Coinbase reacting to those signals. Robinhood Markets, another player tied to crypto swings, finished Friday at $76.11, a gain of roughly 0.6%. Strategy, known for its bitcoin holdings, settled at $131.05, up about 1.2%.
Still, there’s no certainty about where things go from here. Should talks at the White House fall apart—or if lawmakers hammer out a deal that essentially bans yield for idle stablecoin balances—the stalemate over “rewards” could continue to dog U.S. crypto legislation, not to mention key chunks of Coinbase’s subscription and services revenue. Another dip in bitcoin would probably drag on trading volumes once more. Thin-liquidity markets also don’t take kindly to any sign of platform trouble.
Macro’s creeping back onto the radar. U.S. core PCE inflation notched a 0.4% gain for December, landing at 3.0% year-over-year, according to Reuters on Friday. That’s a number likely to temper hopes for near-term rate cuts—and crypto, as ever, tends to pick up on these signals fast. (Reuters)
Looking ahead, traders are circling Feb. 27: the U.S. Producer Price Index for January lands at 8:30 a.m. ET, per the Labor Department’s calendar. The Bureau of Economic Analysis has the next PCE price index marked for March 13. (bls.gov)
