Coinbase (COIN) shares fell back to their lowest levels in roughly two and a half years on Friday morning after the crypto exchange reported weaker-than-expected second-quarter results, though the stock later pared losses to trade around $150.
Shares remain down roughly 57% over the past year as Wall Street analysts debate whether they should blame the earnings miss more on a weak crypto market or potential flaws in the company's growth strategy.
Coinbase (COIN) stock price chart.
Source: The Block/TradingView Wall Street largely agreed the quarter fell short of expectations.
JPMorgan said Coinbase's results reflected a "tough crypto environment" with "limited P&L upside from new products," while Bernstein wrote that although the company's long-term strategy remains compelling, investors are "looking for more inspiring execution." JPMorgan cut its December 2026 price target to $148 from $196 while maintaining an Overweight rating, saying the company is facing "pressure in multiple businesses" as softer crypto trading numbers weighed down transaction revenue and subscription and services revenue.
