A sharp downturn in the cryptocurrency market weighed on Coinbase, with shares down more than 6% as Bitcoin’s price tumbled to around $64,000. Bitcoin shed about 5% of its value within hours, pressuring the broader digital-asset market. The sell-off began on February 23, 2026, turning into a difficult session for technology and cryptocurrency investors.
On February 23, 2026, BlackRock transferred 1,134 Bitcoin, valued at approximately $75 million, alongside 7,553 Ethereum worth about $14.46 million, to Coinbase’s prime brokerage unit. Morningstar cut Coinbase’s fair value estimate from $188 to $160, citing a projected 20.6% decline in trading revenue for 2026. Monness reaffirmed its sell rating on Coinbase, maintaining a $120 price target. Anthropic’s announcement regarding automated code modernization sparked market-wide fear that spilled over into risk assets, including cryptocurrencies.
The session also saw IBM down 11.2% before the sell-off extended to the crypto complex. Coinbase stock traded with about $2.02 billion in volume, falling 6.48% and ranking 48th by volume. CoinShares data showed crypto investment products experienced net outflows totaling $4 billion over the past five weeks, with $288 million exiting in the latest week. As long as Bitcoin remains under pressure and institutional investors adopt a wait-and-see stance, Coinbase may struggle to regain broader investor confidence.
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