"Goldman Sachs acknowledges that crypto stocks have shown volatile but mostly flat performance recently, reflecting investor uncertainty about the sector's outlook. Despite that, the firm argues that select digital-asset-sensitive names present increasingly attractive entry points."
"Coinbase's structural expansion beyond spot trading is significant, with full-year 2025 total trading volume hitting $5.2 trillion, up 156% year over year, and the company generating revenue from 12 products each exceeding $100 million in annualized revenue."
"The Deribit acquisition has made Coinbase the global leader in crypto derivatives by open interest and options volume, with institutional transaction revenue growing 37% year over year in Q4."
"Stablecoin revenue of $364 million in Q4 represents recurring, interest-like income that contributes to earnings stability, with average USDC held in Coinbase products reaching an all-time high of $17.8 billion."
Coinbase Global's shares have declined nearly 20% year-to-date, trading at $177.82, significantly lower than its 52-week high of $444.64. The broader crypto market has dropped 46% since its peak in October 2025. Goldman Sachs maintains a Buy rating and has adjusted its price target for Coinbase to $235, suggesting a potential upside. Key factors influencing Coinbase's performance include its leadership in derivatives, growth in stablecoin revenue, and favorable regulatory developments.
Read at 24/7 Wall St.
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