Coinbase's fourth quarter performance did not meet expectations, with trading revenue falling below $1 billion
Coinbase's total revenue for the fourth quarter was $1.78 billion, with an adjusted earnings per share of $0.66, both of which fell short of market expectations. Trading revenue dropped to $983 million, marking the first time it has fallen below $1 billion since 2023, showing declines both quarter-over-quarter and year-over-year; subscription revenue also saw a quarter-over-quarter decline. As of February 10, the company's first quarter trading revenue is approximately $420 million, with first quarter subscription revenue expected to be between $550 million and $630 million. Currently, Coinbase's after-hours stock price has slightly rebounded, but its cumulative decline this year still stands at 40%. The company stated that it remains optimistic about the long-term prospects of the cryptocurrency industry, believing that the industry is cyclical and that technological changes and product applications are still advancing.
U.S. SEC Chairman warns: Prediction markets have become a major regulatory challenge.
SEC Chairman Atkins stated at the hearing that prediction markets have become a 'huge problem' in the regulatory field and that they are currently working closely with the CFTC. He mentioned the explosive growth of prediction market platforms such as Kalshi and Polymarket, where the two agencies have overlapping jurisdictions. When asked when final regulatory rules would be issued, Atkins only stated 'stay tuned' and emphasized that the SEC has sufficient authority, and the essence of securities will not change due to different forms. Currently, the two agencies have initiated 'Project Crypto,' meeting weekly; the CFTC has only one remaining commissioner, and all three SEC seats are held by Republicans. Atkins called on the White House to quickly fill the Democratic seats.
U.S. lawmakers push crypto legislation, SEC chairman says legislative support is needed for rule stability.
During a Senate Banking Committee hearing, Democratic Senator Mark Warner expressed hopes to promote the implementation of the (Digital Asset Market Clarity Act) while preventing DeFi from being exploited by criminals to avoid leaving loopholes in the enforcement of illegal financial activities. SEC Chairman Paul Atkins pointed out that although the SEC has the authority to establish rules to provide regulatory guidance for the crypto industry, without congressional legislation as a legal foundation, these rules may be overturned in the future, making them difficult to enforce in the long term. Currently, there are still disagreements on issues such as the stablecoin reward mechanism and conflicts of interest in the bill; if submitted for a full Senate vote, at least seven Democratic senators' support is needed for it to pass.
The U.S. Treasury Secretary agreed to a Senate investigation of Powell in exchange for the release of the new Fed Chair nomination.
According to U.S. financial media Semafor, citing sources, U.S. Treasury Secretary Yellen agreed with some senators' suggestions during a closed meeting with Senate Republicans on Wednesday—to have the Senate Banking Committee, rather than the Department of Justice, investigate Fed Chair Powell. Sources revealed that the aim of this move is to test whether it is possible to persuade North Carolina Republican Senator Thom Tillis to lift his hold on the Fed nominee, but Tillis did not comment at the time. There are reports that this could be a feasible compromise, and some Republican senators have indicated that the president hopes to conduct an investigation, with the banking committee handling it as an option, but there are also doubts about whether Tillis would accept this condition.
The American Bankers Association urges a slowdown in the approval of banking licenses for crypto companies.
The American Bankers Association (ABA) submitted a comment letter to the Office of the Comptroller of the Currency (OCC), calling for a slowdown in the approval process for banking licenses for cryptocurrency companies. The ABA warned that approving such applications before Congress completes the relevant regulatory framework could pose risks to the financial system. Currently, several crypto companies, including Circle, Ripple, and Coinbase, are either applying for an OCC trust bank license or already hold that license. Industry insiders are concerned that this move could allow crypto companies to bypass traditional banking intermediaries and directly access the Federal Reserve payment system.
Hong Kong optimizes virtual asset regulation, allowing bitcoin and Ethereum to be used as margin collateral.
The CEO of the Hong Kong Securities and Futures Commission, Leung Fung-yee, announced at the Consensus 2026 conference that they are fully committed to building a comprehensive regulatory ecosystem for virtual assets and launching three new initiatives. One of these is to allow brokers to provide margin financing (referred to as 'margin' in Hong Kong) to creditworthy clients, accepting securities or virtual assets as collateral. Considering the high volatility of virtual asset prices, initially, only Bitcoin (BTC) and Ethereum (ETH) will be accepted as qualified collateral. Leung stated that this measure will enable investors holding both securities and virtual assets to participate in trading more actively, injecting liquidity into the market, and will adopt strict standards similar to traditional securities margin trading, including prudent haircut rates for collateral.
Japanese digital financial platform PayPay submitted its IPO application in the U.S.
Japanese digital financial platform PayPay has officially submitted its IPO application in the U.S. Previously, it was reported that PayPay has reached a capital and business cooperation agreement with Binance Japan, planning to acquire 40% of Binance Japan's equity.
Alphabet released an upgraded version of Gemini 3, launching a 'Deep Thinking' mode.
Google's parent company Alphabet released the upgraded version of Gemini 3 and launched the 'Deep Thinking' reasoning mode. This mode is open to Google AI superusers and some API users, mainly targeting applications in scientific and engineering fields. After the news was released, Alphabet's stock price rose by 1.7% during intraday trading.
JPMorgan is optimistic about the crypto market in 2026, expecting institutional funds to drive recovery.
JPMorgan analysts stated in a recent report that although the current crypto market has experienced a significant correction, they remain optimistic about the market outlook for 2026. Analysts believe that the inflow of institutional investor funds and regulatory clarity will support the digital asset market's next round of growth. The report points out that the production cost of bitcoin has dropped to about $77,000, while its trading price is about $66,300, below the production cost, but this situation will eventually self-correct; at the same time, bitcoin's relative attractiveness compared to gold has increased, as gold has recently performed better than bitcoin, but volatility has significantly increased. JPMorgan expects further U.S. crypto legislation (such as the Clarity Act) to provide necessary guidance for institutional participation in the crypto market, thereby driving market recovery.
Coinbase spent $39 million to purchase 400 bitcoins and continues to accumulate.
Coinbase officially announced that it has spent $39 million to acquire over 400 bitcoins and continues to accumulate bitcoins weekly.
Binance co-CEO: The market value of stablecoins grew by 50% last year.
Binance co-CEO Richard Teng stated that after the passage of the GENIUS Act, the market value of stablecoins increased by 50% last year, with settlement volumes skyrocketing, as global corporate finance departments gradually shift from traditional financial channels to stablecoins and crypto assets.
BlackRock deposited 1,134 bitcoins into Coinbase, valued at approximately $77.05 million.
According to monitoring data from TheDataNerd, BlackRock has deposited 1,134 bitcoins into Coinbase, valued at approximately $77.05 million at current prices.
Elon Musk's Grok AI confirms: X Money is considering integrating bitcoin.
Elon Musk's Grok AI has officially confirmed that X Money is currently considering integrating bitcoin, with possible related collaborations or features to be introduced in the future.
Strategy CEO: Will shift to preferred stock financing to raise funds for purchasing bitcoin.
Strategy CEO Phong Le stated during a Bloomberg live broadcast that the company will shift from its original equity financing model to preferred stock financing, aiming to raise funds for purchasing bitcoin.
Ethereum holding report: Over 60% of the total supply is deposited in the ETH2 deposit contract.
Arkham released a 2026 Ethereum holding analysis report showing that the address holding the most ETH is the Ethereum 2 deposit contract, with a deposit of over 76.3 million ETH, valued at approximately $240 billion, accounting for more than 60% of the total ETH supply. Binance ranks second among exchanges, holding 4.1 million ETH (approximately $13 billion, representing client holdings); ETF issuer BlackRock holds 3.4 million ETH (approximately $11 billion); Ethereum treasury company Bitmine confirmed holdings of 2.9 million ETH (approximately $9 billion), reportedly exceeding a total holding of 4.1 million ETH. Among individual holders, Ethereum presale investor Rain Lohmus ranks first with 250,000 ETH (approximately $786 million), but the wallet's private key has been lost; Ethereum co-founder Vitalik Buterin holds 240,000 ETH (approximately $754 million), making him the individual with the largest accessible holdings. The U.S. government holds about 60,000 ETH, mainly from asset seizures related to relevant cases. The report also noted that exchange addresses occupy most of the top 20 ETH holdings.
The Binance SAFU fund completed a $1 billion bitcoin purchase plan.
The Binance SAFU fund address has again purchased 4,545 bitcoins, valued at approximately $304.58 million, completing a $1 billion bitcoin purchase plan. The fund currently holds 15,000 bitcoins, valued at approximately $1.005 billion. Previously, on January 30, Binance announced plans to gradually convert its original $1 billion stablecoin reserve into bitcoin, aiming to complete this within 30 days; if market fluctuations cause the holding value to drop below $800 million, it will supplement BTC to maintain the $1 billion scale.
The government of Bhutan transferred 100 bitcoins to QCP Capital.
According to Onchain Lens monitoring, the government of Bhutan has transferred 100 bitcoins to QCP Capital, valued at approximately $677,000 at current prices.
Binance alpha has officially launched ESP.
According to Binance's official page, the Binance alpha platform has officially launched ESP-related features.
Last week, the number of initial jobless claims in the U.S. was 227,000, slightly higher than expected.
Last week, the number of initial jobless claims in the U.S. was 227,000, slightly higher than the market estimate of 224,000, down from the previous week's figure of 231,000, showing a slight decline but still above expectations.
Bank of America: A 'potential agreement' between the U.S. Treasury and the Federal Reserve is unlikely to have a major impact on the market.
U.S. bank economists say that investor speculation about a possible 'coordinated agreement' between the Fed and the U.S. Treasury has raised many questions. The bank believes that the definition of such an agreement is still unclear, and its likelihood may have already been priced in by the market. Bank of America noted that unless the agreement's content exceeds the current market discussion scope, it is unlikely to trigger substantial price fluctuations; the agreement will mainly revolve around the Fed's balance sheet reduction and U.S. Treasury issuance. If monetary policy is affected (which Bank of America believes is highly unlikely), or if the Treasury restricts long-term bond issuance (which Bank of America believes is possible), it could have a significant impact on the market.
Institution: Strong non-farm payrolls fail to halt the dollar's downward trend; bearish sentiment runs deep.
Despite the resilience of the U.S. labor market, suggesting that the Fed may maintain current interest rates for an extended period, the dollar continues to weaken. Corpay strategist Karl Schamotta stated that this phenomenon indicates that bearish sentiment towards the dollar is deeply entrenched, also ringing alarm bells for those expecting the strong fundamentals in the U.S. to support the dollar. He also mentioned that, by historical standards, the dollar's decline so far has been relatively mild, and if market sentiment does not change, there is still room for further decline.
The probability of the Fed maintaining interest rates unchanged in March is 92.2%.
According to CME's 'FedWatch,' the probability of a 25 basis point rate cut by the Fed in March is only 7.8%, while the probability of maintaining the current interest rate is as high as 92.2%. Looking ahead to April, the cumulative probability of a 25 basis point rate cut is 25.3%, while the probability of maintaining the interest rate is 73.1%, and the cumulative probability of a 50 basis point rate cut is only 1.6%; by June, the cumulative probability of a 25 basis point rate cut rises to 49.9%.
Disclaimer: The content of this article is for reference only and does not constitute any investment advice. Investors should consider their own risk tolerance and investment objectives, rationally view cryptocurrency investments, and avoid blindly following trends.