According to CoinMeta, the stock price of Coinbase ( COIN ) fell by 3% after a federal judge in Michigan rejected the company's request to stop the state government's actions regarding sports event contracts, closing at $145.41. Judge Shalina Kumar denied Coinbase's preliminary injunction request, allowing Michigan to continue enforcing its gambling laws. The case originated in December 2025 when Coinbase sued Michigan, arguing that sports event contracts should be regulated by the Commodity Futures Trading Commission rather than the state gambling regulatory agency. The judge deemed that Coinbase failed to prove a likelihood of winning in the case, thus not meeting the legal criteria required for an injunction. This ruling represents an early victory for Michigan, but the litigation will continue. Market analysts indicate that the stock price of Coinbase may form a triple bottom around $140, with $180 being the first price level that needs to be broken through.