Is Coinbase (COIN) Stock a Buy Ahead of Earnings Today?

TLDR

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Coinbase (COIN) stock closed Wednesday near $162, down 54% over the past 12 months.
Analysts expect a Q3 loss of 23 cents per share on $1.21 billion in revenue, reported after the close Thursday.
Rosenblatt kept its Buy rating and $200 price target, and raised its revenue estimate to $1.226 billion.
Nearly half of expected Q3 revenue should come from subscriptions and services, including USDC income.
The Clarity Act failed to advance in the Senate in September, a regulatory setback for the company.

Coinbase (COIN) stock closed Wednesday at about $162, down 54% over the past 12 months. It is up less than 1% on Thursday ahead of the earnings report.

Coinbase Global, Inc., COIN

The crypto exchange reports third-quarter results after the close today. Analysts expect a loss of 23 cents per share on $1.21 billion in revenue.

A year ago, Coinbase earned $1.50 per share on $1.87 billion in revenue. That is a tough bar to compare against.

Trading volume is the main drag. Analysts expect $137 billion for the quarter, less than half of last year’s total.

Bitcoin is part of the problem. It traded near $80,400 on Wednesday, down from more than $122,000 last October.

What Analysts Are Watching

Rosenblatt is more upbeat than most. It kept its Buy rating and $200 price target.

The firm raised its revenue estimate to $1.226 billion from $1.134 billion. That sits above the $1.206 billion consensus.

Rosenblatt now sees trading volume down 4% from the prior quarter. Its earlier forecast was a 20% drop, and the global exchange market fell about 7%.

It also lifted estimates for staking and fee income. Growth from derivatives and prediction markets is expected too.

Coinbase has pitched a less trading-dependent business for years. Analysts think nearly half of Q3 revenue came from subscriptions and services.

That includes income from the USDC stablecoin. Coinbase also earns money from stock and fund trading, prediction markets and “agentic” wallets that let AI agents trade and make payments.

Some analysts see fee pressure ahead. Traditional Wall Street firms are moving into crypto.

Regulation and Price Targets

The quarter brought a regulatory setback. The Clarity Act, which Coinbase backed, failed to advance in the Senate in September.

Crypto firms still enjoy a hands-off approach from the Trump administration. That could change in January if Democrats win the House or Senate in next week’s midterms.

The stock fell 15% over the past month. The S&P 500 gained 1% and Bitcoin slipped 4% in that time.

Price targets range from $110 to $300. Compass Point raised its target to $187 with a Neutral rating.

Compass Point also thinks fourth-quarter guidance could land slightly above consensus. Coinbase reports after the close Thursday, October 29.