The bank trimmed its Coinbase revenue and earnings forecasts amid a brutal risk-off environment for crypto and delays around U.S. market structure legislation.
Metaplanet, Asia's largest publicly traded holder of bitcoin, is currently deep in the red, with its average acquisition cost per bitcoin at roughly $107,000.
COIN lost 13.34% on the day to close at $146.12 amid ongoing tanking of the crypto market which has seen bitcoin fall as low as $60,000, its lowest since November 2024.
ETF redemptions and futures liquidations are pressuring crypto markets, the bank said, even as rising gold volatility quietly strengthens bitcoin’s longer-term investment case.