- Coinbase stock (COIN) has plunged 34% year-to-date and 8% in a single day ahead of its Q4 2025 earnings report.
- Major investment banks, including JPMorgan and Citi, have significantly lowered their price targets for the stock due to falling crypto prices and trading volumes.
- The exchange has asked analysts to submit questions in advance of Thursday’s earnings call, a departure from its typical format.
- Growing competition from other exchanges like OKX, Kraken, and the newly-public Gemini threatens Coinbase‘s market share.
Coinbase faces a turbulent market as its stock price has plummeted amid a broader crypto downturn. The exchange is preparing to report its fourth-quarter earnings on Thursday against this challenging backdrop.
Coinbase stock was trading near $149, marking a steep 34% decline since the start of 2026. Consequently, this significant drop reflects the deep losses across the crypto market, with Bitcoin falling 27% in the past month.
Analysts have reacted by slashing their price targets for COIN. JPMorgan, for instance, cut its December 2026 target from $399 to $290 while maintaining an overweight rating.
The firm cited lower trading volumes and a shrinking stablecoin market as key concerns. Meanwhile, Citi and Cantor Fitzgerald also reduced their targets but kept bullish ratings.
Competition is intensifying as other major exchanges seek public listings. Argus Research analyst Kevin Heale described the recent market action as “obviously been a bit of a bloodbath.”
Coinbase has requested that analysts submit questions before the earnings call. However, this procedural shift is not entirely unprecedented for public companies.
The move may help management prepare detailed responses amidst the volatile conditions. Coinbase previously beat Q3 estimates with over $1 billion in transaction revenue.
Market headwinds, however, have renewed focus on the firm’s performance. The company’s fortunes remain tightly linked to the price of major cryptocurrencies.
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