US markets saw a rotation to risk assets today, with crypto-linked stocks such as Coinbase and Strategy leading some of the clearest gains in today’s session. Even as broader indexes such as the Dow and S&P 500 traded mixed on inflation and economic data, exposure to digital assets helped certain high-beta names outperform.
Coinbase (COIN) was among the standout performers. COIN rose more than 18% on the day and finished well ahead of most traditional tech stocks as traders “bought the dip” in crypto exposure.
The daily gain came despite a difficult earnings backdrop: Coinbase reported a loss of $666.7 million in Q4 2025, the first in several quarters, driven by lower trading revenue as crypto volume fell.
Longer-term revenue lines like subscription and services — especially stablecoin revenue — showed strength and helped dampen sentiment.
Over the past few months, Coinbase shares have fallen as the broader crypto market weakened and analysts grew more cautious.
Monness Crespi & Hardt downgraded $COIN from buy to neutral and set a price target of $120, warning of downside risk associated with softer market conditions.
The stock has struggled in early 2026, falling about 34% year-to-date as Bitcoin fell about 30% in the past month and altcoins posted even bigger losses. Lower crypto prices have reduced trading volume, squeezing one of Coinbase’s main revenue drivers.
Meanwhile, CEO Brian Armstrong sold more than 1.5 million shares worth about $545 million, calling it a diversification move.
The strategy’s (MSTR) strong day
Strategy (MSTR) also showed notable upside on the day, with shares up about 10% in tandem with a rally in Bitcoin prices. Strategy stocks have fluctuated dramatically alongside bitcoin’s price, falling hard during the broader crypto selloff before rebounding later in the week as markets stabilized.
Despite the turbulence, Strategy remains committed to adding to its bitcoin treasury. The firm revealed another purchase of more than 1,100 BTC this week, spending around $90 million at an average price close to $70,000.
Strategy also announced its latest earnings results, which reflected the risks of its bitcoin-heavy balance sheet.
The company posted a multibillion-dollar quarterly loss, largely tied to mark-to-market declines in its bitcoin holdings, underscoring how price declines can greatly affect reported financial performance even as the firm maintains a long-term holding position.
CEO Michael Saylor continued to publicly defend the strategy, reiterating that the company has no intention of selling bitcoin through downturns and arguing that the strategy is positioned to withstand extended volatility in Bitcoin’s price.
Other crypto-related stocks also saw gains today, with Circle (CRCL) up around 7% and Galaxy Digital (GLXY) up 6.5%, continuing the sector’s upward momentum.