Shares of Coinbase Global Inc (NASDAQ:COIN) were last seen down 15.5% at $319.31, after the company's second-quarter earnings of 12 cents per share and revenue of $1.5 billion both missed estimates. The cryptocurrency exchange also issued a disappointing third-quarter subscription and services revenue outlook, with no fewer than four analysts slashing their price targets after the event, including J.P. Morgan Securities to $432 from $404.
Fresh off three-straight monthly wins, COIN is up 28.2% year-to-date despite today's bear gap. Moving sharply away from its July 18 record high of $444.64, the stock is now trading at its lowest levels since late June.
So far, Coinbase stock has seen 185,000 calls and 135,000 puts exchanged, double the intraday average volume. The weekly 8/8 410-strike call is the most popular, with new positions opening there.
MicroStrategy Inc (NASDAQ:MSTR), which holds a famously a famously large amount of Bitcoin (BTC), is down 6.3% at $376.39, brushing off a huge second-quarter profit and no fewer than two price-target hikes. The company posted earnings of $32.60 per share, compared to the loss of 57 cents in the same quarter a year ago, while operating income rose to $14.03 billion. Notably, it's the second quarter that the cloud name was allowed to include an unrealized gain on digital assets.
On the charts, MSTR has been sliding since its 2025 peak of $457.22 on July 16, though potential support lingers below at the $360 level, as well as the 100-day moving average at $366. Since the start of the year, the equity is up 31.9%.
So far today, 245,000 calls and 179,000 puts have crossed the tape -- double the put volume typically seen at this point. The weekly 8/8 170-strike put is the most popular contract, with new positions being bought to open there.
