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Barclays maintains its equal‑weight rating on Coinbase (COIN) after the exchange beat user forecasts and tightened costs, highlighting a 6% pre‑market jump and
Coinbase shares rose more than 6% in pre‑market trading on Thursday after Barclays analyst Benjamin Budish said the crypto‑exchange’s cost‑cutting measures and solid active‑user numbers justify keeping its equal‑weight rating despite a 78% YTD loss [2].
| At a glance | |
|---|---|
| Price move | +6% pre‑market |
| 24‑hour volume | Up on earnings release |
| Catalyst | Barclays rating, cost controls, active‑user beat |
| Year‑to‑date change | –78% |
Coinbase reported mixed Q3 results, with revenue missing estimates but monthly active users (MAUs) falling to 8.5 million, still above Wall Street’s 7.84 million expectation [2]. Full‑year guidance of “nearly 9 million” MAUs also topped forecasts, suggesting a resilient user base even as institutional trading volume slid 43% YoY to $133 billion [2]. Barclays highlighted the firm’s “increasingly cost conscious” approach, noting management’s conservative planning amid ongoing macro headwinds [2]. The analyst kept an equal‑weight rating but praised the cost‑control effort as a positive signal for future profitability.
The earnings beat sparked a 6% pre‑market rally, contrasting sharply with the stock’s 78% decline since the start of the year [2]. Other analysts echoed optimism: BTIG’s Mark Palmer reiterated a buy rating, albeit with a lower $110 price target, while JPMorgan kept a neutral stance and nudged its target to $66 [2]. The consensus view points to a “resilient retail commission” stream, as Coinbase acts as a market maker for retail trades [2]. Despite the broader crypto‑winter, the combination of tighter spending and stronger‑than‑expected user metrics appears to have steadied investor sentiment.
Barclays’ decision to maintain its rating underscores that, even in a prolonged market downturn, disciplined cost management and solid user engagement can buoy Coinbase’s outlook, leaving the next earnings cycle and any further guidance as key determinants of the stock’s trajectory.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jun 18, 2026 · How we report
It is a product that connects AI agents to a user's Coinbase account to execute trades, payments, and financial workflows within limits set by the user.
Crypto spot and derivatives trading are enabled at launch, with stocks, index funds, prediction markets, and commodities planned for future rollout.
Coinbase Ventures, via the Base Ecosystem Fund, invested in Multipli, a protocol that tokenizes assets like gold, stocks, and treasuries to provide credit and yield infrastructure.
Analysts have mixed sentiments, with some lowering price targets and rating the stock neutral or sell due to weak trading volumes and regulatory uncertainties.
The stock gained 9.9% over the past week but has fallen 31% over the last six months, trading at a P/E ratio of 59.8.