Jones Jennifer N. sold $389K of COIN

Coinbase (COIN) shares dropped 4% after a strong jobs report increased Federal Reserve rate hike expectations, pushing Bitcoin (BTC) below $80,000. The company reported 88% of Q2 revenue came from non-Bitcoin spot trading, with mixed analyst price targets.

Coinbase filed SEC notice-registration documents to offer equity perpetuals in the U.S. The company needs CFTC approval before launching. It already offers these contracts internationally, including for Apple, Microsoft, Nvidia, and Amazon.

Coinbase has launched regulated crypto derivatives, including futures with 10x leverage, for Canadian clients. The move expands its offerings beyond spot trading and aligns with Canadian regulatory standards. The products are available to both retail and institutional investors, aiming to broaden the firm's presence in Canada.

Coinbase (COIN) shares fell 3% premarket after missing Q1 earnings estimates, reporting a loss of $1.49 per share vs. expected $0.04, and revenue of $1.41B vs. $1.47B. Analysts cut price targets, citing weaker revenue and trading activity. Bitcoin (BTC) dropped 0.9% to $80,200 amid geopolitical tensions.

Coinbase (COIN), Circle (CRCL), MicroStrategy (MSTR), Bitmine (BMNR), Robinhood (HOOD), and Galaxy Digital (GLXY) stocks surged 3-15% on Sep. 3 following a crypto market rebound. Bitcoin (BTC) rose 5% to $80,982.09, Ethereum (ETH) 4.5% to $2,497.93, and XRP 9% to $1.45. Morgan Stanley raised price targets for Robinhood and Galaxy Digital.

The CFTC asked a court to dismiss CME's challenge to Kalshi's Bitcoin perpetual contract, arguing CME could list similar products. Kalshi and Coinbase are exploring perpetual contracts for oil and crypto. Global crypto perpetual-futures volume reached $61.7 trillion in 2025, up 29%. The outcome may shape US exchanges' ability to pursue such contracts.