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Coinbase shares sink in steepest drop since FTX turmoil

Coinbase shares sink in steepest drop since FTX turmoil

Crypto stocks struggle amid economic fears and escalating US trade tensions.

by Vivian Nguyen

2 min read

In Finance

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Coinbase Global, Inc. (COIN) price

Full chart and stats

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Market cap
$42.8B (shares as of 2026-06-30)
P/E (trailing)
Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue
$7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
+9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
20.0% (FY ended 2025-12-31)
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Oct 28, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 28, 2026 · tokenized COINx $162$42.8BNot meaningfulLoss, diluted EPS −3.79
to 2026-06-30 · SEC filing		Unavailable$7.2BFY ended 2025-12-31 · 10-K+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 28, 2026 · tokenized MSTRx $145UnavailableNot meaningfulLoss, diluted EPS −96.98
to 2026-06-30 · SEC filing		Unavailable$477.2MFY ended 2025-12-31 · 10-K+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 28, 2026 · tokenized CRCLx $82Unavailable16.4Unavailable$2.7BFY ended 2025-12-31 · 10-K+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K−69,508,000FY ended 2025-12-31, attributable to the company · 10-K−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 28, 2026 · tokenized BMNRx $22$13.3BNot meaningfulLoss, diluted EPS −4.50
to 2026-05-31 · SEC filing		Unavailable$6.1MFY ended 2025-08-31 · 10-K+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K348,577,000FY ended 2025-08-31, attributable to the company · 10-K7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 29, 2026, 12:47 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Coinbase (COIN) stock took a hit this quarter, falling by around 31%. It represents its worst performance since the FTX meltdown in late 2022, according to Yahoo Finance data.

The drop mirrors the struggles of Bitcoin, which is set to close one of its weakest quarters with an 11% year-to-date loss, despite a 16% gain over the past year, according to TradingView.

Bitcoin-tied stocks like Coinbase often move in lockstep with Bitcoin’s price, a correlation evident when the leading crypto stumbles.

For Coinbase, exposure to altcoins like Ether—hit harder than Bitcoin—has amplified its losses, given that its revenue is tied to trading volumes across multiple tokens.

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Ether has crashed 45% so far this year, now hovering around $1,800.

The pain extended beyond Coinbase; Bitcoin miners also faced sharp declines this quarter.

MARA Holdings (MARA) shed 31%, Riot Platforms (RIOT) fell over 30%, and Core Scientific (CORZ) plummeted 48%. Meanwhile, CleanSpark (CLSK) lost 27%, while Hut 8 (HUT) slumped 43%.

Strategy (MSTR), heavily invested in Bitcoin, saw a modest dip.

In contrast, Robinhood Markets (HOOD) defied the gloom, soaring nearly 12%.

Analysts warn that worse may be ahead as President Trump’s “Liberation Day” looms on April 2, when aggressive tariffs are set to take effect.

Investor sentiment is still weighed down by macro concerns, despite the crypto industry’s legislative headway in Washington. Tariffs, potential trade wars, and recession fears are driving a retreat from riskier assets.

“Since the US Presidential inauguration, the outlook of Bitcoin has changed from a trusted hedge against inflation to a more risk-on asset with a longer-term high growth prospect,” said Innokenty Isers, Chief Executive Officer at Paybis, in a recent comment.

According to Isers, Bitcoin might not be the preferred inflation hedge for risk-averse investors in the current economic climate.

He suggested that the ongoing trade war and the potential for rising inflation could reduce the amount of money allocated to Bitcoin as a safe-haven asset.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

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