Coinbase Holds $160 Support After 28% YTD Drop, Secures First $100K Bitcoin-Backed Mortgage
COIN•Coinbase stock is holding near its $160 support level after shedding 28% year-to-date and seeing roughly 12% of its float sold short. The exchange completed the first Fannie Mae-backed home loan using Bitcoin as collateral—pledging $250,000 in Bitcoin for a $100,000 down payment—and plans nationwide rollout this summer.
1. Stock Technical Weakness
Coinbase’s shares have maintained support at $160 after a 28% decline year-to-date, with roughly 12% of its float sold short. Bitcoin’s rejection of its 200-day moving average and slide toward $60,000 has pressured crypto equities, while Coinbase’s Schaeffer’s Volatility Scorecard of 96 signals elevated options volatility.
2. First Bitcoin-Backed Mortgage Close
Coinbase partnered with Better to complete the first Fannie Mae-backed home loan using Bitcoin as collateral, allowing a Michigan couple to pledge $250,000 in Bitcoin for a $100,000 down payment. The product, supporting Bitcoin and USDC, avoids immediate taxable sales and is set for nationwide rollout this summer under a standard Fannie Mae mortgage with a separate crypto-backed lien.
