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Coinbase Shares Waver After Q2 Miss as Analysts Split on Outlook

Monday’s modest uptick reflects investor debate over Coinbase’s future between bullish catalysts in stablecoins and bearish valuation concerns

Coinbase crypto momentum stalls, valuation stretches: cut to sell at compass point
Coinbase's weak q2 is a blip, not a breakdown, says benchmark

Overview

  • Coinbase’s Q2 results showed a 39% drop in transaction revenue to $764 million and a 6% decline in subscriptions and services to $656 million, prompting a 16.7% share plunge on Friday.
  • Benchmark reiterated a buy rating with a $421 price target, highlighting five growth catalysts including a revenue-sharing agreement on USDC reserves and development of a crypto “super app.”
  • Compass Point downgraded the stock to sell and cut its year-end target to $248, citing a stretched 44x 3Q25 EBITDA valuation multiple and guidance about 5% below Street consensus.
  • Shares traded modestly higher Monday, recovering from an 18% weekly slide as investors weigh long-term institutional and stablecoin drivers against near-term headwinds.
  • Coinbase also reported a $1.5 billion Q2 windfall from its Circle investment and estimated a 44% jump in July transaction revenue, underscoring shifts in its revenue composition.