Coinbase's stock decline in Q4 2025 significantly impacted ARK Invest’s flagship innovation ETFs, driven by a broader crypto market downturn and reduced trading volumes. Despite setbacks, Coinbase unveiled an ambitious 2026 'everything exchange' plan merging crypto, equities, prediction markets, and commodities to diversify its business and compete with traditional brokerages. Goldman Sachs upgraded Coinbase to buy, highlighting its expansion strategy and growing regulatory clarity expected to boost adoption in 2026.

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