New York, January 9, 2026, 18:01 EST — After-hours
Coinbase Global, Inc. shares slipped 1.9% in after-hours trading on Friday to $240.78, after ranging between $237.27 and $248.20 during the session. Bitcoin was down 0.8% near $90,486 and ether fell 1.2%, keeping pressure on crypto-linked stocks into the close.
The moves come as investors weigh whether Coinbase can lean less on crypto spot trading, which can cool fast when prices fall. The company has started pushing into stock trading and event contracts — wagers on real-world outcomes — in a bid to pull more of retail trading under one roof, competing with brokers such as Robinhood and Interactive Brokers.
Bank of America upgraded Coinbase to “buy” on Thursday and maintained a $340 price target, citing faster product rollouts and what it called a stock pullback of about 40% from July highs. Analyst Craig Siegenthaler said the firm turned positive “post 2H product velocity acceleration and stock pullback,” and pointed to Base — Coinbase’s Ethereum layer-2 network, which processes transactions on top of Ethereum to cut costs — as central to the build-out. Investing.com
A Commodity Futures Trading Commission filing dated Jan. 8 showed Coinbase Derivatives submitted changes to its non-crypto market maker program that “will become effective on trade date January 26, 2026.” The filing lists copper and platinum futures alongside nano crude oil, gold, silver and natural gas contracts — futures are agreements to buy or sell an asset at a set price on a future date. CFTC
Coinbase’s December product update laid out a broader “everything exchange” pitch, including a rollout of U.S. stock trading and prediction markets in its main app, plus a simplified interface for futures and perpetual futures, known as perps — contracts that track an underlying price without an expiry date. The company also flagged plans for 24/5 stock trading and a new “Coinbase Tokenize” platform aimed at tokenising real-world assets for institutions. Coinbase
But Coinbase still trades like a geared bet on crypto sentiment, and that can swamp product news in the short run. A deeper slide in bitcoin or a hit to retail risk appetite would likely pressure trading volumes and fee revenue, while newer lines such as commodities futures and event contracts may take time to build liquidity.
Traders will watch whether copper and platinum futures go live as planned on Jan. 26 and whether Coinbase offers more detail on the timing of its broader equities push. Earnings calendars tracked by Zacks expect Coinbase’s next quarterly report around Feb. 12, though the company has not confirmed a date.
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