Raymond James on Coinbase Global Inc. (COIN): 'Trade Volumes Improve Sequentially, USDC Tailwinds Continue'

Raymond James analyst Patrick O\'Shaughnessy reiterated a Market Perform rating on Coinbase Global Inc. (NASDAQ: COIN).

The analyst comments "We maintain our Market Perform rating on Coinbase as we update our model ahead of 3Q25 earnings. The crypto market backdrop has been uneven over the past several months, with volumes generally softening since the late 2024 peak while digital asset prices have generally remained elevated. As a result, we have little confidence in the sustainability of current revenue and EBITDA momentum. In addition, more regulatory certainty is going to invite competition from non-crypto-native brokerage platforms, which we expect to be a catalyst for price compression and eventual degradation of Coinbase’s economics. The extent to which Coinbase can offset potential risks to its retail transaction revenue by transitioning into a crypto infrastructure provider is still unclear in our minds. Overall, we have a cautious view of the firm’s long-term earnings power."

For an analyst ratings summary and ratings history on Coinbase Global Inc. click here. For more ratings news on Coinbase Global Inc. click here.

Shares of Coinbase Global Inc. closed at $341.55 yesterday.

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