New York, Feb 6, 2026, 11:05 EST — Market open
Shares of Coinbase Global jumped 8.9% to $159.07 Friday morning, tracking a rebound in bitcoin, which climbed to $69,282 after tumbling earlier in the week. Bitcoin’s session low hit $60,297, highlighting the rapid swings in risk sentiment.
The snapback is significant since Coinbase still serves as a key indicator for U.S.-listed crypto exposure. This week’s wild swings have spilled over into tech and other high-beta sectors. Expectations of a sharp rise in AI “capex” (capital spending) have fueled volatility, prompting investors to reassess crowded, momentum-driven positions. Reuters
Coinbase dropped roughly 13% on Thursday, dragging down alongside the Nasdaq, which hit its lowest point since November. Bitcoin also plunged, dropping to its weakest level since October 2024, according to a Reuters Trading Day column. The report pointed to growing concerns over heavy AI investments and renewed jitters about the U.S. job market, fueling a wider selloff.
Bitcoin has recaptured some of its losses after bouncing back above $65,000, but it’s still on track for its worst weekly drop since late 2022, Reuters reported on Friday. Chris Weston, Pepperstone’s head of research, noted, “A lot of these big crowded positions are being unwound very, very quickly.” Reuters
Other crypto-linked stocks climbed Friday: Robinhood Markets jumped roughly 13%, while Strategy Inc surged around 18%. This highlights the growing daily correlation between digital tokens and a range of U.S. equities connected to trading volumes and crypto assets.
BTIG lowered its price target on Coinbase to $340 from $420 but maintained a Buy rating ahead of the company’s Feb. 12 earnings report. The firm flagged anticipated softness in fourth-quarter transaction volume compared to the previous quarter. Still, BTIG said Coinbase is “creating a flywheel” between its trading platform and digital-asset apps, suggesting the upcoming results might reveal revenue growth beyond the “volatile” transaction fees. TipRanks
Coinbase’s earnings usually hinge on trading volume and price swings, which can boost fee income but also spook retail traders when volatility spikes. This week delivered plenty of both.
Bitcoin’s sharp drop Thursday triggered over $1 billion in liquidations—forced sales on leveraged positions. Some investors blame outflows from spot bitcoin ETFs, which hold the cryptocurrency directly, as weighing on demand, Reuters reported. “It’s clear the crypto market is now in full capitulation mode,” said Nic Puckrin, co-founder of Coin Bureau. Reuters
Coinbase’s Q4 and full-year 2025 earnings drop on Feb. 12 after markets close, with a webcast at 2:30 p.m. PT. Investors will focus on how management views transaction trends heading into early 2026, and if non-trading revenue will help soften the impact of upcoming crypto swings.
