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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
10/31/2026

Coinbase Drops About 13% as Earnings Complicate the Hack Selloff

What happened: Coinbase shares fell approximately 13% on October 30, alongside declines of roughly 9% for Circle, 8% for Strategy, 10% for IREN and 9% for Figure.

Coinbase Drops About 13% as Earnings Complicate the Hack Selloff

What happened: Coinbase shares fell approximately 13% on October 30, alongside declines of roughly 9% for Circle, 8% for Strategy, 10% for IREN and 9% for Figure. The selling followed Binance's October 29 breach disclosure and overlapped with earnings: Coinbase reported third-quarter net income of $719 million and net revenue of $1.16 billion, down 34% year over year. Strategy reported $19.53 billion in quarterly net income, largely reflecting a $20.91 billion Bitcoin gain, with CFO Andrew Kang due to resign November 5.

Why it matters: The earnings overlap makes a clean contagion narrative difficult: Coinbase's declining revenue gives investors a company-specific issue to assess alongside the Binance shock. Strategy's reported Bitcoin gain also illustrates why its headline profit needs a different reading from revenue generated by an exchange's operations. The analyst buying thesis therefore faces an immediate test: whether investors distinguish potential competitive gains from weaker operating figures and Bitcoin-sensitive accounting results.

Source: Cointelegraph