Shares of Coinbase Global Inc. (COIN) soared in pre-market trading on Wednesday after U.S. President Donald Trump publicly supported the crypto exchange’s position in a high-stakes lobbying effort with major banks over stalled digital asset legislation. The surge followed reports that Trump had a private meeting with Coinbase CEO Brian Armstrong at the White House hours before he took to Truth Social on Tuesday to press banks to reach a deal with the crypto industry.
This development is a significant political tailwind for Coinbase at a time when its stock price is under considerable pressure and signals that the White House is actively aligning itself with the crypto sector’s legislative agenda.
President Trump pressures banks over virtual currency bill dispute
Tuesday’s private meeting between President Trump and Coinbase CEO Brian Armstrong, confirmed to Politico citing sources, took place hours before Trump posted on Truth Social urging banks to “make a good deal with the crypto industry” to advance stalled digital asset legislation. President Trump warned that the recently adopted GENIUS Act was being “threatened and undermined by the banks,” a phrase that closely reflected Coinbase’s own public position on the dispute.
The meeting, which also included a broad White House delegation from Coinbase, shows the unusually direct influence between the crypto exchange and the current administration. The conflict centers on whether crypto exchanges like Coinbase should be allowed to offer rewards programs with yield on stablecoins. Coinbase pays customers up to approximately 3.5% annual yield on certain stablecoins, which is much higher than the average of less than 0.1% offered by traditional bank checking accounts.
Big banks such as JPMorgan Chase & Co. and Citigroup Inc. are lobbying lawmakers hard to restrict or ban such programs, arguing that high-yield crypto tokens could drive deposits out of traditional banks and destabilize the lending that supports the entire economy.
The broader legislative battle revolves around the CLARITY Act, which aims to establish a comprehensive federal framework for digital asset markets and clarify jurisdictional boundaries between the SEC and CFTC. The bill has stalled in the Senate over a dispute over stablecoin yields, which has not been resolved despite mediation efforts by administration officials.
However, Armstrong expressed optimism at last month’s World Freedom Forum, suggesting that a “win-win-win” path for crypto companies, banks, and consumers may be within reach.
COIN stock price snapshot: pre-market surge and key indicators
Coinbase stock was trading pre-market at $192.65 as of 6:43 a.m. ET Wednesday, up $10.29, or 5.64%, after closing the previous session at $182.36, and down 1.55% on the day. The stock has fallen 19.36% since the beginning of the year and 11.37% over the past year, significantly lower than the S&P 500 index’s one-year gain of 16.53%, making the pre-market rebound difficult. The 52-week range spans from $139.36 to $444.65, demonstrating the stock’s extreme volatility, which is reflected in its 5Y monthly beta of 3.71.
In terms of fundamentals, Coinbase has a trailing P/E ratio of approximately 41, a forward P/E ratio of 52.36, and a market capitalization of approximately $49 billion. Fourth quarter fiscal 2025 results were mixed, with revenue of $1.78 billion and profit of $666.73 million, significantly below the consensus EPS estimate of +$0.94, with actual results of -$2.49.
Despite recent weakness, the average analyst price target remains at $250.90, well above current levels, and Goldman Sachs maintains a Buy rating on the stock as of February 17, 2026, although it lowered its price target from $310 to $264. The Trump-Armstrong meeting and the administration’s public stance supporting the crypto bill are meaningful short-term catalysts for stocks.
Coinbase has been seeking regulatory clarity in Washington for years, but now that the White House is openly pressuring banks to stand down, the prospects for eventual passage of a comprehensive crypto market structure bill appear to have significantly improved, a development that analysts widely see as positive for Coinbase’s business model and valuation in the long term.
Disclaimer: The author does not own or hold any securities discussed in the article. All stock prices are accurate at the time of writing.
