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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 SEC dismissed its enforcement lawsuit against Coinbase with prejudice in early 2025. The agency stated this move was intended to facilitate a broader overhaul of cryptocurrency regulation rather than reflecting an assessment of the case's merits.
Kevin Hassett held between $1 million and $5 million in Coinbase shares while serving as the White House National Economic Council Director in 2025. Ethics experts raised concerns about potential conflicts of interest, though Hassett stated he recused himself from all cryptocurrency-related matters.
The Digital Asset Market Clarity Act seeks to establish a new regulatory structure for digital assets, which analysts suggest could settle long-standing market-structure questions for Coinbase. The legislation has received support from crypto companies, though it has faced opposition from U.S. banks and some Senate Democrats.