Coinbase Global

COIN · NASDAQ

$170.85+$2.40 (+1.42%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $168.45

COIN analyst rating

BuyConsensus of 29 analysts over the last 12 months. 66% rate it a buy.

Strong buy0
Buy19
Hold9
Underperform1
Sell0

12-month price target · 38 analysts

Average $219.99 (+28.8% upside)

Low: $85.85
Now: $170.85
High: $441.00

Upgrades and downgrades

The latest rating actions, newest first

COIN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citigroup	Oct 13, 2026	Maintains	Buy	$210.00 → $230.00	46%
Citizens	Oct 9, 2026	Maintains	Market Outperform	$325.00 → $280.00	64%
Morgan Stanley	Oct 9, 2026	Maintains	Equal-Weight	$250.00 → $258.00	54%
Barclays	Oct 7, 2026	Maintains	Underweight	$95.00 → $149.00	57%
BTIG	Oct 7, 2026	Maintains	Buy	$240.00	46%
Piper Sandler	Oct 2, 2026	Maintains	Neutral	$146.00 → $170.00	60%
Wells Fargo	Oct 2, 2026	Initiates	Equal-Weight	$200.00	63%
Keefe, Bruyette & Woods	Sep 28, 2026	Initiates	Outperform	$237.00	33%
Baird	Sep 28, 2026	Maintains	Neutral	$130.00 → $205.00	62%
BTIG	Sep 16, 2026	Maintains	Buy	$240.00	46%

The case for and against

Updated Oct 14, 2026

Bull case

Coinbase Global is attractive because its core retail trading franchise is regaining momentum, with 3Q26 spot volume improving each month, September becoming the strongest month since February, and volume declining only ~2% q/q versus a ~7% drop for the broader crypto market. That relative outperformance supports higher revenue and EBITDA assumptions, including a 3Q26 revenue estimate of $1.202bn and FY26 total revenue of $5.160bn, while reinforcing the view that Coinbase is gaining share on the strength of its trusted brand. Beyond trading, the company’s custody-led model, institutional adoption, and expanding products in derivatives, payments, and tokenization create a more diversified “Everything Exchange” that can generate revenue across market environments.

Bear case

Coinbase Global is facing a structurally fragile business model because the majority of revenue still depends on retail transaction fees, leaving earnings highly exposed to crypto-volume swings and weak pricing power in core markets. Although spot trading improved through September and 3Q volume is now modeled to decline only 2% q/q versus a prior -15% estimate, management’s fee cut in select international regions underscores reliance on aggressive expansion rather than durable competitive advantages, while stablecoin revenue was cut 10.7% to $298mm as average USDC market cap fell 3.4% q/q to about $74bn. Even with progress in USDC, Base, and x402, the agentic payments opportunity remains early, so adjacent initiatives have not yet offset cyclical trading risk or the pressure on total subscription and services revenue, now modeled at $540mm, 4.0% below consensus.

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