TLDR
- Coinbase surges 18% despite reporting a Q4 loss, driven by strong subscription revenue.
- Strategy’s MSTR jumps 10%, supported by Bitcoin’s price recovery and further BTC purchases.
- Circle and Galaxy Digital also see gains, continuing upward momentum in crypto-linked stocks.
- Strategy’s CEO defends Bitcoin-heavy strategy despite multi-billion-dollar losses.
Coinbase (COIN) experienced a major surge of 18% on February 13, 2026, despite facing challenging conditions in the cryptocurrency market. The company’s stock led the crypto-linked sector as Bitcoin and other digital assets experienced a rebound. This rise in Coinbase shares was a notable exception to the broader trend, as traditional tech stocks like those in the Dow and S&P 500 saw more mixed results.
This surge in Coinbase stock came even as the company reported a quarterly loss of $666.7 million for Q4 2025. The loss was primarily due to reduced trading volumes and lower crypto prices.
Coinbase just posted one of their most important earnings reports to date, and most people completely failed to see the bigger story at play.
They're all focused on the headline miss:
– Revenue down 22%.
– Consumer transaction revenue down 45%.
– A $2.49 loss per share when… pic.twitter.com/6EB5wJ5BnI— Milk Road (@MilkRoad) February 13, 2026
Analysts had also been cautious regarding the company’s performance, with Monness Crespi & Hardt downgrading COIN from a “buy” to a “neutral” rating. Despite these challenges, Coinbase saw stronger-than-expected performance in its subscription and services division, particularly with stablecoin revenue.
The positive movement in Coinbase’s stock may be seen as a sign of renewed investor interest in crypto exposure. Traders appear to have capitalized on what they view as a “buy the dip” opportunity, even as the company struggles with the broader crypto market’s volatility.
Strategy (MSTR) Gains 10% Amid Bitcoin Recovery
Strategy (MSTR), another key player in the crypto-linked stock space, saw its shares rise by 10% during the same session. This growth was tied directly to the rebound in Bitcoin prices, which have a direct effect on Strategy’s performance due to its heavy Bitcoin holdings.
Strategy’s stock had previously dropped during the recent downturn in the crypto market but saw a resurgence as Bitcoin prices started to recover. The company also disclosed a significant purchase of more than 1,100 BTC for about $90 million, adding to its already large Bitcoin treasury. This move underlines the company’s commitment to its Bitcoin strategy, despite the price fluctuations.
Despite the ups and downs in its stock price, Strategy has remained firm in its decision to hold Bitcoin during market downturns, with Executive Chairman Michael Saylor emphasizing that the company does not intend to sell its Bitcoin during price drops. This stance reflects the company’s long-term view on Bitcoin, which it believes will eventually provide substantial returns.
Other Crypto-Linked Stocks Also See Growth
Other stocks linked to the cryptocurrency market also experienced growth during the day. Circle (CRCL), known for its stablecoin issuance, saw an increase of approximately 7%, while Galaxy Digital (GLXY), an investment firm with a focus on digital assets, rose by about 6.5%. These stocks were buoyed by the overall recovery in the value of Bitcoin and investor optimism in the crypto market.
The broader upward trend in the sector reflects renewed interest in digital assets, even as challenges like lower trading volumes and regulatory uncertainty persist. As investors look to diversify their portfolios, exposure to crypto-related stocks may continue to be an attractive option, despite the volatility in prices.
Continued Volatility and Long-Term Focus in Crypto Stocks
While the surge in crypto-linked stocks like Coinbase and Strategy is significant, it is important to note that the cryptocurrency market remains highly volatile. Both Coinbase and Strategy have seen sharp fluctuations in their stock prices over the past few months, and many analysts have cautioned that such volatility could continue.
For Coinbase, its revenue is highly tied to the volume of transactions and the prices of digital currencies, meaning that price declines in Bitcoin and other assets could affect its profitability.
Strategy, on the other hand, has adopted a more long-term view, focusing on accumulating Bitcoin rather than selling during price dips. This strategy exposes the company to potential short-term losses but aligns with its belief in Bitcoin’s future growth. As the crypto market continues to evolve, the performance of these companies will likely depend on the broader trends in digital asset adoption and the regulatory environment.
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