Coinbase Stock Crashes 14% to a Two-Year Low as Crypto Stocks Rout

Coinbase shares fell more than 13% on Friday, October 30, 2026 — dropping over 14% intraday to their lowest level since February 2024 — as a confirmed $6.3 billion Binance theft, a weak-revenue earnings report and a wave of analyst price-target cuts routed crypto-linked stocks. Circle fell more than 9%, Strategy dropped about 8%, and bitcoin slid toward $76,900.

What happened to Coinbase stock today?

Coinbase (NASDAQ: COIN) led a broad selloff in publicly traded cryptocurrency companies on Friday. Cointelegraph reported shares dropping more than 13% a day after the company reported a decline in third-quarter revenue, while Invezz reported an intraday fall of more than 14% to levels last seen in February 2024 — a two-year low. The stock had already lost ground this year, and Friday's move deepened that slide as investors repriced crypto trading activity.

The selling was not limited to Coinbase. Stablecoin issuer Circle Internet Group fell more than 9% — 10.7% in Invezz's tally — bitcoin treasury company Strategy dropped about 8% to 8.9%, bitcoin mining and data centre operator IREN fell more than 10%, and blockchain financial services company Figure Technology Solutions dropped about 9%.

Why is it blowing up?

Two shocks landed at once. First, Binance confirmed on Friday that hackers stole about $6.3 billion — described by Cointelegraph as the largest cryptocurrency theft on record. That is a major step up from Thursday's initial reports of a suspected breach. Binance said it has reserved more than $6.34 billion in company funds to cover losses, including $5 billion already held in the affected tokens, and is working to recover about $3 billion in frozen assets. Withdrawals were paused during a security revamp.

Second, Coinbase's own earnings gave analysts reasons to cut forecasts even though headline profit beat expectations. Investors sold the whole sector first — exactly what Friday's tape showed.

What did Coinbase actually report?

Coinbase reported third-quarter net income of $719 million, but about $715 million of that came from gains on cryptocurrency investments. Adjusted net income, excluding investment gains and other items, was $78 million. Net revenue fell about 34% year over year to $1.16 billion, with total revenue around $1.21 billion, slightly below expectations of $1.22 billion cited by Invezz.

Trading was the weak point. Transaction revenue fell to about $590 million, down sharply from a year earlier, as consumer spot and derivatives volumes softened. Earnings per share of $2.51 easily beat a consensus estimate of $0.08 cited by Koyfin via Invezz, but that beat was driven by investment gains rather than by the core trading business investors watch most closely.

One bright spot: its prediction markets business has surpassed $200 million in annualized revenue.

Why did analysts cut their targets?

Needham, Rosenblatt, JPMorgan, Barclays and other firms lowered price targets after the results. Barclays cut its target to $120 from $149 and kept an Underweight rating, saying Coinbase's revenue run rate heading into the fourth quarter was trending lower while costs were expected to exceed earlier estimates, prompting a sizeable cut to its near-term EBITDA forecasts. Needham trimmed its target to $197 from $205 but kept a Buy rating.

Analysts highlighted weaker trading activity, a softer revenue outlook and higher costs. Rosenblatt was more constructive, calling the quarter the clearest evidence yet that Coinbase's "Everything Exchange" strategy is working — but the debate is whether new products can grow fast enough to offset falling transaction revenue.

How does the Binance hack affect Coinbase?

There is no indication Coinbase itself was breached. The risk is indirect: a record theft can discourage trading, reduce stablecoin usage and push bitcoin lower, weighing on Coinbase's volumes. Bitcoin fell as much as 4.8% to around $76,900. Strategy — which reported $19.53 billion in net income, largely from a $20.91 billion gain on its bitcoin holdings — fell anyway.

What's next?

Investors will watch whether Binance resumes withdrawals within the timeframe it indicated, how much of the stolen $6.3 billion is recovered, and whether bitcoin stabilises after its slide. For Coinbase specifically, the next test is fourth-quarter trading volume: if volumes stay soft, the analyst cuts on Friday may not be the last. This report describes what happened and why markets reacted; it is not a recommendation to buy, sell or hold any security.

Sources

FAQ

How much did Coinbase stock fall on October 30, 2026?

Coinbase fell more than 13% on Friday, dropping over 14% intraday to its lowest level since February 2024, a two-year low.

Why did crypto stocks fall today?

Binance confirmed a $6.3 billion theft — the largest on record — on the same day Coinbase reported falling trading revenue, sparking a sector-wide selloff and analyst target cuts.

Did Coinbase beat earnings expectations?

Headline earnings of $2.51 per share beat consensus, but most of its $719 million net income came from crypto investment gains; adjusted net income was $78 million and net revenue fell about 34% to $1.16 billion.

Which other crypto stocks fell?

Circle fell more than 9%, Strategy dropped about 8%, IREN fell more than 10%, and Figure Technology Solutions dropped about 9%.