Core Insights - Retail users on Coinbase are demonstrating resilience by consistently purchasing Bitcoin and Ethereum during market downturns [1][2] - CEO Brian Armstrong noted that the majority of retail customers maintained or increased their Bitcoin and Ethereum balances from December to February [2] - Google search interest for Bitcoin reached a five-month high in February, coinciding with a significant price drop [2] Retail Accumulation - There has been a notable increase in the number of Bitcoin and Ethereum units held by retail users on Coinbase [2] - Binance retail traders exhibit strong optimism for Bitcoin, with a Long/Short ratio of 1.90 [3] - The Bitcoin Exchange Reserve metric indicates that investors are withdrawing coins for long-term holding, as reserves sharply declined after a sell-off [3] Financial Performance - Coinbase's fourth-quarter revenue for 2025 was reported at $1.78 billion, which fell short of analyst expectations, while earnings per share (EPS) of $0.66 exceeded forecasts [4] - The company's full-year revenue reached $7.2 billion, marking a 9% increase compared to the previous year [4] - Armstrong mentioned the potential for Coinbase to launch its own prediction market business, expanding beyond its current role as a retail distributor [4] Stock Performance - Coinbase shares experienced a 16.46% increase, closing at $164.32 during the last trading session [5] - Despite the recent price increase, COIN stock is characterized by a weaker price trend across short, medium, and long-term periods [5] - The stock holds an average Value ranking according to Benzinga's Edge Stock Rankings [5]

（来源：吴说） 吴说获悉，Coinbase 首席执行官 Brian Armstrong 发推表示，根据 Coinbase 数据，平台零售用户在当前 市场条件下表现坚韧，逢低买入，BTC 和 ETH 的原生单位持仓有所增加；长期持有，绝大多数客户 2 月的原生单位余额与 12 月持平或更高。 ...

Core Viewpoint - Coinbase CEO Brian Armstrong has sold $545.7 million worth of stock over nine months, indicating a significant liquidation of his holdings without any purchases during this period [1]. Group 1: Armstrong's Selling Activity - Armstrong liquidated over 1.5 million shares between April 2025 and January 2026, with the largest single-day sale occurring on June 25, 2025, when he sold 336,265 shares at $355.37 each [2]. - The most recent sale on January 5 involved 40,000 shares sold at $254.92, netting approximately $101.6 million [2]. Group 2: Armstrong's Net Worth and Other Investors - Armstrong's net worth has dropped over $10 billion from a peak of $17.7 billion in July 2025, with his remaining fortune of $7.5 billion tied to a 14% stake in Coinbase [3]. - Other significant investors, such as Cathie Wood's Ark Invest, have also been selling Coinbase shares, liquidating $17.4 million on February 5 while investing $17.8 million into a competing digital asset exchange [3]. Group 3: Analyst Ratings and Market Sentiment - Goldman Sachs upgraded Coinbase (COIN) to a "buy" rating on January 5, setting a price target of $303, citing non-trading revenue growth as a buffer against market cycles [4]. - Conversely, JPMorgan reduced its price target by 27%, attributing this to lower trading volumes, softness in crypto prices, and decelerating stablecoin growth [4]. Group 4: Price Movement and Technical Analysis - COIN closed 6% down after breaking critical support at the $230-$240 level, which had previously held multiple times [7]. - The current technical indicators suggest bearish momentum, with a Supertrend at $189.46 and a Parabolic SAR at $168.59 confirming downside pressure [9]. - For recovery, COIN needs to reclaim the $168-$170 range and work towards the $190 Supertrend level, with significant resistance at $230-$240 [10].

ARKK ETF Performance - ARK Innovation ETF (ARKK) has dropped 9.58% year-to-date as of early February 2026, following a strong 35.49% return in 2025 that outperformed the S&P 500 [1] - The decline is attributed to weaknesses in the fund's largest holdings and a broader market repricing of growth stocks [1] Tesla's Impact - Tesla remains the largest position in ARKK at 11.12%, with the stock down 7.18% year-to-date, closing at $417.44 [1] - Tesla reported Q4 2025 earnings of $0.50, beating estimates but showing a 60.6% year-over-year decline in earnings growth, with revenue falling 3.1% year-over-year to $94.83 billion [1] - Tesla dropped out of China's top 10 NEV makers in January 2026, marking its lowest monthly sales since November 2022 [1] Coinbase's Performance - Coinbase, representing 3.55% of ARKK, has seen a significant decline of 27.34% year-to-date, with shares trading at $164.32, down from $226.14 at year-end [1] - The decline is attributed to both the overall weakness in the crypto market and a Q4 earnings miss [1] - Cathie Wood has been actively buying Coinbase shares, adding $26.1 million in December 2025 [1] Other Holdings - Palantir, a 3.19% position in ARKK, reported Q4 2025 earnings of $0.25, beating estimates, but the stock is down 26.07% year-to-date [1] - Shopify, representing 4.31% of ARKK, is down 29.99% year-to-date but reported strong Q4 results with revenue of $11.56 billion, up 30.6% year-over-year [1] Strategic Changes - Cathie Wood is reshaping ARKK's portfolio, with healthcare now the largest sector allocation at 22.8%, surpassing Information Technology at 20.0% [2] - The fund's top 10 holdings account for 52.4% of assets, indicating a high concentration that amplifies both gains and losses [2] - ARKK's expense ratio is 0.75%, which is high compared to passive alternatives, but Wood's active management has historically delivered differentiated returns [2]

Core Viewpoint - Coinbase CEO Brian Armstrong stated that if the "crypto rewards ban" becomes law, it could potentially increase the company's profits due to the current rewards given to USDC holders, although he does not support the ban as he believes user rewards are beneficial and help maintain the competitiveness of regulated stablecoins in the U.S. [1] Group 1 - The "crypto rewards ban" could enhance Coinbase's profitability if enacted, as the company currently provides significant rewards to USDC holders [1] - Armstrong emphasizes the importance of user rewards for the overall stability and competitiveness of regulated stablecoins in the global market [1] - The company is advocating against the ban, highlighting the potential negative impact on user incentives [1]

Core Insights - Coinbase Global Inc. is considering launching its own prediction market business while currently partnering with Kalshi for distribution [1][2] - The prediction market service was recently rolled out in all 50 states, coinciding with Super Bowl LX, which saw significant engagement [2][3] Financial Performance - Coinbase reported fourth-quarter revenue of $1.78 billion, which was below analyst expectations, but the earnings per share (EPS) of $0.66 exceeded forecasts [5] - For the full fiscal year, Coinbase's total revenue reached $7.2 billion, reflecting a 9% year-over-year increase [5] Market Activity - Kalshi's CEO noted a remarkable 2,700% year-over-year increase in Super Bowl LX betting volume, with over $1 billion wagered [3] - Coinbase's advertisement during Super Bowl LX was poorly received, trending as the lowest-rated ad following the event [4]

Core Viewpoint - Coinbase supports a Federal Reserve proposal to provide non-bank financial institutions with access to specialized payment accounts, emphasizing the need for modernization of the U.S. financial infrastructure [1] Group 1: Proposal Support - Coinbase submitted a letter to the Federal Reserve advocating for special-purpose Reserve Bank payment accounts, which would allow fintech and crypto firms direct access to payment rails [1][2] - The proposed change would enable these firms to utilize essential payment systems without needing a full commercial banking charter, reducing reliance on intermediary banks for dollar transactions [2] Group 2: Benefits of the Proposal - By minimizing dependence on FDIC-insured partner banks, the proposed payment accounts would enhance service efficiency for U.S. consumers and businesses, lower costs, and support the scalability of emerging payment providers [3] - Similar access in jurisdictions like the UK, EU, Brazil, and India has led to increased competition and reduced settlement risks, contributing to a more competitive financial sector [4] Group 3: Concerns and Limitations - Coinbase expressed concerns that the Federal Reserve's current proposal includes "unnecessarily constraining" limitations that could hinder the utility of the accounts for large-scale operations [5] - The company warns that the proposal risks being ineffective due to overly restrictive terms, which could prevent the intended benefits from being realized [4][5]

Core Viewpoint - The introduction of the 1099-DA tax form for cryptocurrency investors is expected to create challenges for taxpayers, as it requires them to provide their own cost basis to avoid overpaying taxes on capital gains [5][20]. Group 1: Tax Reporting Changes - The IRS is implementing a new tax form, the 1099-DA, for the 2026 filing season, which will report proceeds from cryptocurrency transactions but will not include the cost basis [5][19]. - This new reporting method aims to standardize how crypto exchanges report user profits to the IRS, potentially generating approximately $28 billion in revenue over a decade [14][15]. - The 1099-DA form is part of the $1.2 trillion Bipartisan Infrastructure Law of 2021, despite pushback from the cryptocurrency industry [14]. Group 2: Investor Responsibilities - Investors must provide their own cost basis to avoid the IRS marking it as $0, which could lead to significantly higher tax bills [2][3]. - The fragmentation of transactions across different exchanges and wallets complicates the ability to track cost basis, leaving many investors with incomplete records [8][20]. - Taxpayers are still required to report income, gains, or losses even if they do not appear on the 1099-DA form, emphasizing the need for diligent record-keeping [12][18]. Group 3: Industry Response - Cryptocurrency exchanges like Coinbase and Robinhood are preparing to assist users with the new reporting requirements, although they cannot provide tax advice [16][17]. - Experts in crypto tax strategy anticipate an increase in demand for services to help investors determine their initial cost basis as the 1099-DA forms are distributed [17]. - The transition to the new reporting system is seen as a test year for exchanges, which are working to improve their reporting capabilities [16].

Coinbase Global Inc. (NASDAQ:COIN) is one of the best upside stocks to invest in right now. On February 11, H.C. Wainwright lowered its price target on Coinbase to $350 from $425 and kept a Buy rating. This decision was made ahead of the company’s Q4 2025 earnings report. The firm anticipates a potential miss in net revenue and adjusted EBITDA due to intra-quarter data, suggesting an ideal setup is unlikely. However, H.C. Wainwright recommends buying on any post-report weakness. This bullish stance is sup ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences [1] - Elon Musk predicts that humanoid robots could create a market worth $250 trillion by 2040, representing a major shift in the global economy [2] - Major firms like PwC and McKinsey acknowledge that AI could unlock multi-trillion-dollar opportunities, reinforcing the technology's economic significance [3] Company and Industry Analysis - A breakthrough in AI technology is driving interest among hedge funds and top investors, with a particular under-owned company identified as pivotal to this $250 trillion revolution [4] - The technology landscape is being shaped by significant investments from industry leaders, including Bill Gates and Larry Ellison, who recognize AI's potential to transform various sectors [8] - The narrative suggests that while established companies like Nvidia and Tesla are noteworthy, a smaller company is quietly advancing critical technology that underpins the AI revolution [6]