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Coinbase's Q2 revenue and earnings both badly missed Wall Street estimates, bitcoin-related revenue slid to a record-low 12% of the mix, and a wave of executive departures spooked investors. The stock closed down 10.59%.
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Coinbase shares jumped 4.4% to $165.28 as Bitcoin reclaimed $65,000 ahead of the crypto exchange’s Q2 report. Morgan Stanley named COIN a top buy before earnings, calling it one of the few stocks with room to run.
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Citi downgraded MicroStrategy and Coinbase, sending crypto stocks sliding over 4% as Bitcoin slipped below $60,000.
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The GENIUS Act’s one-year anniversary passed without final rules, putting USDT on a two-year clock to comply or exit the U.S. market. Meanwhile, stablecoin on-chain volumes have surpassed the ACH network, and Coinbase shares jumped 3.68%.
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Circle Internet Group (CRCL) surged as much as 14% after the OCC approved its national digital trust bank. Coinbase (COIN) secured a UK MiFID II license and restored its prediction-markets feature.
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MicroStrategy (MSTR) jumps nearly 8% as bitcoin slides below $60,000, while Circle and Coinbase get hammered by a new stablecoin alliance from Visa, Stripe, and Mastercard.
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A consortium of over 140 companies, including Visa, Mastercard, and Coinbase, unveiled a new stablecoin called Open USD. Coinbase shares fell 3.6% after hours, while Circle’s stock cratered nearly 17%.