Overview
- Bitcoin’s move back above roughly $92,000–$94,000 on Dec. 3 lifted Coinbase shares by about 4–5% to a close near $276.
- The rebound softened on Dec. 4 with the stock still below its 50- and 200-day moving averages, and technicals pointing to a possible death cross and a downside test toward about $200.
- Argus Research downgraded Coinbase to Hold, citing valuation concerns including an estimated 39x multiple on projected 2026 earnings.
- Coverage cites consensus for fourth-quarter revenue around $1.96 billion, roughly 13.5% lower year over year, with EPS forecasts easing to about $8.08 this year and $6.85 in 2026.
- Competitive pressure is building as Charles Schwab prepares a January U.S. crypto trading launch starting with Bitcoin and Ethereum, alongside SoFi’s relaunch and returning global exchanges.