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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
The loss stemmed from a 25% decline in spot trading volume, lower transaction revenue, and accounting revaluations of its crypto holdings.
Yes, its share of global crypto trading volume increased to 10.3%, up from 9.1% in the previous quarter.
Coinbase reported positive adjusted EBITDA of about $208 million, indicating ongoing cash generation despite the net loss.