NEW YORK, January 1, 2026, 10:37 ET — Market closed.
- Coinbase shares fell 2.4% in the final U.S. session of 2025, ending at $226.14.
- Bitcoin hovered near $87,855 on Thursday morning after a year marked by a sharp pullback from October highs, Reuters reported.
- Crypto-linked stocks including Robinhood and Strategy also finished lower, tracking softer risk appetite into the holiday.
Coinbase Global shares fell 2.4% in Wednesday’s year-end session, closing at $226.14, as investors marked down crypto-linked equities alongside a softer finish for bitcoin.
The move matters heading into 2026 because Coinbase’s business is tightly tied to trading activity in crypto markets, which tends to cool when prices and risk appetite weaken. With U.S. equity markets closed on Thursday for New Year’s Day, Wednesday’s close served as the last risk check before the first session of the new year.
Bitcoin’s increasing tendency to trade like a “risk asset” — meaning it often moves with investor appetite for riskier holdings such as equities — has amplified day-to-day swings in stocks exposed to crypto volumes. “Bitcoin … exhibits the characteristics of a risk asset … with a notable correlation to the U.S. equity market,” said Linh Tran, a senior market analyst at XS.com. Reuters
Bitcoin was near $87,855 on Thursday, after Reuters reported late Wednesday that the token was on track for its first annual loss since 2022, weighed by macro pressures and tariff-driven volatility during the year. The cryptocurrency hit an all-time high above $126,000 in October before sliding in subsequent months.
Coinbase opened Wednesday at $231.22, traded as high as $232.39 and as low as $225.47, and finished at $226.14, the session data showed. The stock’s intraday low left the shares testing the mid-$220s area into the close.
Peers with direct crypto exposure also weakened in the final session of 2025, underscoring the group’s sensitivity to bitcoin’s direction. Robinhood fell about 2.1% and bitcoin-heavy Strategy slid about 2.3%, while crypto miner Marathon Digital dropped about 3.6%.
Regulatory headlines remained a backdrop for the sector, even as price action drove the latest move. Reuters reported that the crypto industry scored U.S. policy wins in 2025, including the SEC’s move to dismiss lawsuits against Coinbase and others, and passage of a law creating federal rules for dollar-pegged “stablecoins,” tokens designed to hold a steady value. Reuters
Coinbase has also been pushing to broaden its business beyond crypto spot trading. On Dec. 22, Coinbase said it agreed to buy prediction-markets startup The Clearing Company — platforms where users trade contracts tied to real-world outcomes — in a deal it expects to close in January.
Before the next session, traders are likely to keep bitcoin’s weekend price action and early-January U.S. data in focus as a gauge for risk appetite. The calendar includes the ISM manufacturing PMI on Jan. 5, the U.S. employment report on Jan. 9, and U.S. CPI on Jan. 13, according to published schedules.
The next major policy waypoint is the Federal Reserve’s Jan. 27–28 meeting, which investors often treat as a key input for rate expectations that can move both equities and crypto markets. The Fed’s 2026 schedule lists additional meetings through the year, including March 17–18 and April 28–29.
On the chart, Wednesday’s low near $225.47 is a near-term support level traders will watch; a clean break below it would put focus on whether buyers defend the mid-$220s. On the upside, the session high around $232.39 marks a nearby resistance area.
Coinbase’s next earnings date has not been confirmed by the company, but market calendars list estimates ranging from mid- to late-February. Investors will also look for updates on Coinbase’s non-crypto push, including the expected January closing of its prediction-markets deal.
