Goldman Sachs Upgrades Coinbase Global Inc. (COIN) to Buy

Goldman Sachs analyst James Yaro upgraded Coinbase Global Inc. (NASDAQ: COIN) from Neutral to Buy with a price target of $303.00 (from $294.00).

The analyst comments: "COIN offers unique scale and brand recognition n through its ~9.5mn monthly transacting users (MTUs), ~$500bn assets under custody (AUC), and ~48% US crypto exchange market share, translating to above-average 12% top-line p.a. growth from 2025E-27E, vs. 8% for peers, and continued market share gains (e.g., derivatives investment in COIN’s core exchange, in which market share has risen from 50bps to 8% in a year). We also see scale and brand driving peer-leading customer acquisition costs (CAC) that contribute to strong growth. While we are below Street 2026E/27E revenue, these appear stale, with 4Q25E cons. trading volumes meaningfully above actual volumes, sourced from third party data (from The Block / CoinGecko, which have historically been accurate). As actual volumes are factored into consensus, this could drive up to 10% 4Q25E revenue downside, which could partially flow into out year estimates - at 3% below 2027E Street top line, and 1% above on EPS, we expect to be above consensus, once estimates update. Growth is supplemented by COIN’s Dec., 2025 product launches across traditional brokerage, consumer and business banking, and wealth management, which improve COIN’s competitive offering, and give it exposure to what we view as structural growth tokenization and prediction markets. We are also constructive on COIN’s migration to structurally growing crypto infrastructure businesses through its rapidly growing subscription & services offerings, which have risen from <5% to 40% of revenue over the past 5 years, and we believe deserve a higher multiple, as they lack cyclicality related to trading revenue, and should benefit from structural crypto ecosystem expansion."

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 $236.53 yesterday.

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