Overview

• Coinbase gained about 2.6% on Oct. 3 after Rothschild & Co. raised the stock to Buy with a $417 price target.
• The Samsung partnership embeds Coinbase services in Samsung’s native wallet on 75 million U.S. Galaxy devices, enabling trading and payments through Samsung Pay.
• Rothschild projects retail transaction fees will fall from roughly 90% of revenue historically to nearly 50% next year.
• The firm highlights growing contributions from institutional trading, derivatives, subscriptions, USDC interest and Coinbase’s Base layer-2 as buffers to fee compression.
• Rothschild contrasted its stance with a neutral view on Circle and a sell on Robinhood, underscoring Coinbase’s perceived advantage from diversification and distribution.