TLDR
- Coinbase shares fell 6% and are down 34% since January, near $152.
- JPMorgan cut its year-end target to $290 from $399 and kept a buy rating.
- Cantor lowered its target to $221 from $277, while Citi cut to $400 from $505.
- Bitcoin fell 27% in a month to about $67K as Coinbase heads into earnings.
Coinbase shares slid on Wednesday as investors positioned ahead of quarterly results. Several banks cut price targets, even as they kept positive ratings on the stock. The U.S. crypto exchange is set to report earnings on Thursday. Analysts pointed to weaker crypto activity and softer stablecoin flows in recent weeks.
Shares slide ahead of the quarterly report
Coinbase stock fell about 6% in the session and traded near $152. Shares are down about 34% since January. The drop came as Wall Street reset expectations ahead of Thursday’s earnings report.
Traders are watching transaction revenue because it often tracks crypto volumes. Analysts have also pointed to weaker bitcoin prices and lower stablecoin flows as near-term headwinds.
VanEck’s head of digital assets research, Matthew Sigel, said CEO Brian Armstrong kept selling shares from April 2025 to January 2026. He estimated sales of more than 1.5 million shares for about $550 million. The biggest sale was June 25, 2025, when 336,265 shares sold at $355.37 each. Sigel also noted a sale on January 5, 2026, of 40,000 shares at $254.92.
Banks cut targets while keeping buy ratings
JPMorgan lowered its year-end price target for Coinbase to $290 from $399. The bank cited reduced trading activity and a shrinking stablecoin supply.
The analysts also pointed to stronger rivalry from overseas exchanges seeking U.S. listings. Even so, JPMorgan kept a buy rating on the shares, according to the note.
Cantor Fitzgerald reduced its target to $221 from $277 and maintained a positive rating. Citi also cut its target to $400 from $505, and it kept a buy rating as well.
Bitcoin retreat and stablecoin flows stay in focus
Coinbase’s share drop tracked a broader pullback across digital assets. Bitcoin has fallen about 27% over the past month to around $67,000.
Analysts tied their revisions to softer market prices and lower transaction demand. They also referenced lower stablecoin supply and weaker stablecoin flows.
Coinbase earns revenue from trading, and volumes often follow crypto market swings. That link can add pressure before results when prices and volumes cool.
Prior quarter results and current earnings expectations
In the third quarter last year, Coinbase reported transaction revenue above $1 billion. The company also posted earnings per share of $1.44 versus a $1.09 forecast.
Investors will compare Thursday’s figures with that prior performance. Analysts now project earnings per share of about $1.05 for the fourth quarter of 2025.
The latest target cuts arrived before the company provides new updates. Market participants will also watch commentary on volumes, fees, and stablecoin-related trends.
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