Coinbase Global Inc Update

Goldman Sachs maintains a Buy rating on Coinbase but lowers the price target to $264 following a weak 4Q25 report and soft 1Q26 guidance. The reduction is driven by lower anticipated transaction and subscription revenues alongside compressed target multiples.

Key Takeaways

• 1.Coinbase reported weaker than expected 4Q25 core results and issued a 1Q26 revenue guide significantly below consensus.
• 2.The 12-month price target was reduced from $310 to $264 due to lower earnings estimates and a reduced target P/E multiple.
• 3.Management is prioritizing long-term revenue diversification via stablecoins, payments infrastructure, and on-chain adoption despite current market headwinds.

Table of Contents

• Transaction revenue
• Subscription and service revenue
• Expenses and margins
• Capital return
• Estimates/PT changes
• Risks
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities

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