US Stock Market Open Cryptocurrency Concept Stocks Generally Down, GEMI Falls Over 6%

President Trump’s televised address signaling continued military action against Iran triggered sharp declines in both cryptocurrency and U.S. stock futures. The lack of clarity or de-escalation led to widespread market fear and significant drops in major cryptocurrencies and equity indices.

The address did not provide a resolution or ceasefire timeline, disappointing market participants who had hoped for diplomatic progress. Instead, Trump declared that American military forces would strike Iran "extremely hard" over the next few weeks.

Bitcoin dropped 2.2% to $66,609, erasing recent gains, while Ether and other major cryptocurrencies also fell sharply. S&P 500 futures fell 1.3%, and global equity markets across Europe and Asia also posted losses.

A divergence is emerging between traditional equities and crypto markets in their response to broader macroeconomic conditions. While the S&P 500 is in a controlled correction, the crypto market is in a period of consolidation.

Momentum indicators for the S&P 500 are declining toward neutral levels, suggesting a controlled reset in traditional equities. In contrast, crypto markets have stabilized within a defined range after earlier declines.

Bitcoin’s recent drop below $67,000 coincided with a new intraday low in U.S. stock market futures. This price action highlights the interconnected sentiment between cryptocurrencies and traditional assets.

Bitcoin’s fall below this key level may indicate further downside pressure amid macroeconomic uncertainties. Institutional investors treat Bitcoin as a risk asset, and as S&P 500 futures decline, Bitcoin often follows due to shared liquidity flows.

Gemini Space Station Ltd (GEMI) reported Q4 2025 earnings of -$1.22 per share, missing forecasts of -$0.49. However, revenue of $60.3M exceeded estimates by 8.26%.

Despite the revenue beat, GEMI’s stock fell 6.16% to $6.01, near its 52-week low. The company is focusing on reducing compensation costs and expanding beyond its crypto-centric business model.

GEMI is facing potential class action lawsuits over alleged misrepresentations and failures to disclose financial and strategic issues. On February 5, 2026, the company announced a 25% workforce reduction and exiting the U.K., EU, and Australia markets.

This pivot led to an 8.72% drop in the stock price. Further declines followed on February 17, 2026, after the departure of key executives and the announcement of a 40% increase in operating expenses.

Several analysts significantly downgraded their price targets and outlook for GEMI after the company’s strategic pivot. Evercore ISI cut its target by 50%, while Truist Securities, Needham & Co., and Rosenblatt also reduced their targets by 46%, 57%, and 55%, respectively.

CoinShares, a European crypto asset manager, has begun trading on the Nasdaq under the ticker CSHR after completing a $1.2 billion SPAC merger. The listing aims to raise the company’s profile and expand its market reach into the United States.

The firm now manages $6 billion in assets across 39 funds on four platforms and holds a 34% market share in Europe’s crypto ETP market. The listing is also expected to help CoinShares navigate the evolving regulatory landscape in the U.S. crypto sector.

CoinShares is pursuing a broader strategy to diversify both product and revenue mix. The firm aims to expand its capabilities in listed asset management, active alternative strategies, and decentralized finance.

Despite the challenging market conditions, digital asset firms continue to pursue public listings and strategic acquisitions. Franklin Templeton’s acquisition of 250 Digital highlights the sector’s ongoing efforts to integrate into traditional finance.

The broader trend of crypto firms entering traditional finance suggests that even in a bearish environment, the sector remains active in exploring growth opportunities through public listings and strategic partnerships.