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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 More Than 13% as Earnings Complicate the Recovery Trade

What happened: Coinbase fell more than 13% on Friday, while Circle declined approximately 9%, Strategy roughly 8%, IREN about 10% and Figure Technology Solutions around 9%.

Coinbase Drops More Than 13% as Earnings Complicate the Recovery Trade

What happened: Coinbase fell more than 13% on Friday, while Circle declined approximately 9%, Strategy roughly 8%, IREN about 10% and Figure Technology Solutions around 9%. The selloff followed Binance’s disclosure and Thursday-night earnings from Coinbase and Strategy: Coinbase reported $1.16 billion in net revenue, down 34% year over year, and $719 million in net income, including $715 million in crypto investment gains. Strategy reported $19.53 billion in net income, reflecting a $20.91 billion gain on Bitcoin holdings, alongside revenue of $125.4 million, down 3%.

Why it matters: These figures complicate any explanation that attributes the entire stock decline to Binance: investors were also assessing weaker revenue and earnings heavily influenced by asset valuations. Coinbase’s separately reported adjusted net income of $78 million reinforces the need to examine the earnings reconciliation instead of treating headline profit as a direct measure of operating momentum. The contrarian buying case therefore requires judgments about both security contagion and the underlying businesses.

Source: Cointelegraph.