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Crypto

Bitcoin traded near $80,000 after the Fed left rates unchanged with two votes for an increase; Coinbase revenue was flat in Q3, and Strategy grew its dollar reserve to $5.07 billion.

Updated

Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

What this theme is

Public companies whose results depend on crypto markets. Coinbase runs an exchange and stablecoin services. Strategy owns bitcoin as its main asset. Galaxy runs crypto lending, asset management and staking, and also builds data centers.

Their results move with crypto prices and trading activity. Bitcoin weakened after the Fed's 2026-10-28 decision.

What we're seeing

  • 2026-10-29: Coinbase's Q3 revenue was $1,215.6 million, against $1,220.1 million in Q2, with $306.9 million of stablecoin revenue and net income of $718.7 million.
  • 2026-10-29: Strategy's Q3 operating income was $20.91 billion, from a gain on its bitcoin. Its US dollar assets were $5.07 billion on 2026-10-25, and its CFO steps down on 2026-11-05.
  • 2026-10-29: Bitcoin traded near $80,260 and ether near $2,350 at 10:42 a.m. ET, according to Investing.com, after the Fed decision and mixed tech earnings.
  • 2026-10-28: The Federal Reserve kept its policy rate range at 3.75-4.00%. Two members dissented in favor of a quarter-point increase.
  • 2026-10-28: Coinbase listed Ripple's RLUSD stablecoin across its retail app, Exchange and Prime.
  • 2026-10-28: Strategy reported preliminary approval for daily dividends on its four preferred stock series.
  • 2026-10-27: Galaxy reported Q3 net income of $323 million and adjusted EBITDA of $455 million. Its average loan book rose 27% to $1.8 billion. It signed a multi-year agreement with BNY that includes support for staking, and approved a new $200 million share repurchase authorization.
  • 2026-10-26: Strategy acquired no bitcoin in the week to 2026-10-25 and spent $204.9 million repurchasing preferred stock.

What to watch

  • Coinbase's Q4 subscription and services outlook of $550-630 million, and whether Strategy resumes bitcoin purchases.
  • Interest rates, after two Fed members voted for an increase.
  • Stablecoin income: Coinbase earned $306.9 million of stablecoin revenue in Q3.
  • Galaxy's 830 MW Helios II data center site, approved but not yet leased.

The peers

  • COIN: crypto exchange, brokerage and stablecoin services. Coinbase
  • GLXY: crypto lending, asset management and staking, plus data centers. Galaxy Digital
  • MSTR: a company whose main asset is bitcoin, funded by common and preferred stock. Strategy

Companies in this theme

Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.