Update shared on20 Sep 2025
Fair value Increased 0.97%Analysts have modestly raised Coinbase’s price target to $370.09, citing improved regulatory clarity, new product and partnership-driven growth opportunities, and cost discipline—though near-term caution remains due to moderating trading volumes and a recent earnings miss.
Analyst Commentary
- Bullish analysts raise price targets due to improving regulatory clarity in the crypto sector, including key policy events and Circle's IPO, which unlocks value through Coinbase's USDC partnership.
- Recent and pending product expansions—such as the Deribit acquisition and expansion into additional crypto products—are seen as enhancing growth opportunities and EBITDA accretion for Coinbase.
- Strategic cost management, higher operating margins relative to peers, and a strong growth runway—including S&P 500 inclusion—support premium valuation assignments by bullish analysts.
- Moderating retail trading volumes and an earnings miss in Q2 have prompted some caution: bearish analysts have lowered estimates and targets, flagging full valuations and potential for a weaker near-term trading backdrop.
- Interest rate cut expectations are viewed as a tailwind for trading volumes and commission revenue, benefiting exchanges like Coinbase, with innovation and increasing partnerships between crypto and traditional finance as further secular supports.
What's in the News
- The White House is directing regulators to expand access to crypto and other alternative investments in 401(k) plans, adding new risks for retirement portfolios and potentially increasing mainstream adoption (Reuters, 2025-08-10).
- BofA lowered Coinbase's price target to $369 from $383 and maintained a Neutral rating after reducing estimates due to an earnings miss (2025-08-03).
- Coinbase is in advanced talks to acquire India's CoinDCX at a valuation below $1B, as the exchange recovers from a $44M cyberattack (Mint, 2025-07-28).
- President Trump is set to sign an executive order opening U.S. retirement markets to cryptocurrencies, with pending crypto policy reports and legislative discussions indicating evolving regulatory oversight (FT, Reuters, 2025-07-18; 2025-07-30).
- Bitcoin’s rally past $120,000 is attributed to institutional demand, which benefits Coinbase's trading volumes and market sentiment despite potential macro risks (CNBC, 2025-07-14).
Valuation Changes
Summary of Valuation Changes for Coinbase Global
- The Consensus Analyst Price Target remained effectively unchanged, moving only marginally from $366.54 to $370.09.
- The Future P/E for Coinbase Global remained effectively unchanged, moving only marginally from 62.08x to 62.76x.
- The Discount Rate for Coinbase Global remained effectively unchanged, moving only marginally from 8.18% to 8.22%.
Disclaimer
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