The Bull Case For Coinbase (COIN) Could Change Following Norges Bank’s $1B Bet And Fresh Crypto Tailwinds

• Norges Bank recently invested about US$1.04 billion in Coinbase, coinciding with Q3 2025 results showing US$1.9 billion in revenue and a profit margin near 45%, while the company also faced a €21.5 million anti-money laundering fine in Ireland and pursued new CFTC-related regulatory proposals.
• At the same time, a powerful Bitcoin rally, mixed analyst opinions, insider share sales, and anticipation for Coinbase’s December 17 product reveal have collectively highlighted how tightly the company’s fortunes remain linked to broader crypto sentiment and evolving regulation.
• With strong institutional interest emerging alongside Bitcoin’s surge, we’ll examine how this renewed crypto momentum reshapes Coinbase’s investment narrative.

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Coinbase Global Investment Narrative Recap

To own Coinbase, you need to believe crypto adoption and on-chain finance keep expanding, and that Coinbase can convert that into sustainable, diversified earnings beyond pure trading. The biggest near term catalyst is the December 17 product reveal, which could influence how investors view that diversification story, while the largest current risk remains the company’s tight linkage to crypto volatility rather than this quarter’s Irish fine or individual analyst calls.

Against this backdrop, Norges Bank’s roughly US$1.04 billion stake and Coinbase’s Q3 2025 profit margin near 45% stand out as most relevant, reinforcing that large institutions are engaging even as Bitcoin driven swings and mixed analyst opinions keep sentiment fragile. How this institutional interest interacts with any new CFTC related products and derivatives focused offerings will likely frame how investors think about Coinbase’s ability to grow beyond spot trading as crypto cycles continue.

Yet beneath the Bitcoin rally, investors should also be aware that prolonged periods of lower trading activity could...

Read the full narrative on Coinbase Global (it's free!)

Coinbase Global's narrative projects $8.5 billion revenue and $2.1 billion earnings by 2028. This requires 8.3% yearly revenue growth and a $0.8 billion earnings decrease from $2.9 billion.

Uncover how Coinbase Global's forecasts yield a $383.46 fair value, a 40% upside to its current price.

Exploring Other Perspectives

The Simply Wall St Community’s 28 fair value estimates for Coinbase span roughly US$127 to US$510 per share, showing how far apart individual views can be. When you set those side by side with Coinbase’s heavy reliance on trading volumes, it becomes clear why exploring multiple perspectives on future activity and revenue durability really matters.

Explore 28 other fair value estimates on Coinbase Global - why the stock might be worth less than half the current price!

Build Your Own Coinbase Global Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Coinbase Global research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Coinbase Global research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Coinbase Global's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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