Coinbase (COIN) shares trade near $128 amid a sharp November Bitcoin decline below $70,000, which has pressured crypto-linked equities and contributed to the stock’s roughly 55% one-year drop and 43% year-to-date decline. Q3 2026 results highlighted the tension: revenue fell 35% year-over-year to $1.22 billion on lower trading volumes and volatility, yet GAAP net income reached $719 million largely from unrealized gains on the company’s Bitcoin holdings. Subscription and services revenue now accounts for about 49% of net revenue, while prediction markets have scaled to a $200 million annualized run rate, providing some offset. With the month nearing resolution, near-term price action hinges primarily on Bitcoin’s trajectory and any further shifts in risk appetite.