Coinbase Global Inc (COIN.O): Quiet Quarter, Loud Agenda: Reset TP to $235

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Coinbase Global Inc (COIN.O): Quiet Quarter, Loud Agenda: Reset TP to $235

Coinbase Global Inc (COIN.O)

23 July 2026 Citi Research

Coinbase Global Inc

Company description

Coinbase is a leading cryptocurrency exchange and financial infrastructure

platform serving retail and institutional clients across more than 100

countries. Retail users can buy, sell, trade, stake, and earn rewards across a

broad range of digital assets, with an expanding suite of products including

prediction markets, retail derivatives, pre-IPO perpetuals, and 1:1-backed

tokenized equities that collectively position Coinbase as an "Everything

Exchange" for on-chain financial services. A paid subscription tier, Coinbase

One, offers zero-fee trading and premium features to over one million

subscribers. For institutional clients, Coinbase offers Prime Services

encompassing custody, execution, financing, and staking, alongside

Coinbase International and Deribit for derivatives, making it the largest

regulated institutional crypto derivatives platform globally. The company also

operates Base, a leading Ethereum Layer 2 network with $13B+ in TVL, and

provides developer infrastructure through the Coinbase Developer Platform,

including the X402 agentic payment standard. Stablecoin distribution via its

Circle partnership generates meaningful recurring revenue, and a growing

enterprise payments and custodial infrastructure business serves fintech and

financial institution partners globally.

Investment strategy

We rate COIN Buy/High Risk. We lean positive on the long-term prospects for

blockchain technology and expect both retail and institutional participation

to expand over time, notwithstanding ongoing volatility and uneven

regulatory reform. A more constructive US regulatory environment positions