Benchmark Reiterates Buy Rating on Coinbase Global, Inc.
Benchmark maintains a buy rating for Coinbase with a $270 price target.
Key Points
- Benchmark reiterated its buy rating on Coinbase Global, Inc. (COIN) with a price target of $270 as of June 17, 2026.
- Coinbase shares trade at $169.27 with a market cap of $44.6 billion, a P/E ratio of 62.0, and a 52-week range of $139.36 to $444.65.
- Insiders at Coinbase, including Chief Accounting Officer Jennifer Jones, have been selling shares in planned transactions, while analyst consensus remains a buy.
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Benchmark analyst Mark Palmer has reiterated a buy rating on Coinbase Global, Inc. (NasdaqGS: COIN) as of June 17, 2026. The firm set a price target of $270 for the cryptocurrency exchange platform, reflecting continued confidence in its market position.
Coinbase Global, Inc. Stock Down 1.0%
Shares of NasdaqGS:COIN traded around $169.27. Coinbase Global, Inc. boasts a market cap of approximately $44.6 billion and a P/E ratio of 62.0, with a forward P/E of 34.2. The stock's 52-week range spans from $139.36 to $444.65, while its 50-day and 200-day moving averages stand at $185.65 and $239.52, respectively. The company's beta, a measure of volatility, is high at 3.32.
$COIN stock price
Daily closing prices, year to date. Not investment advice.
Recent Earnings
Coinbase reported revenue of $6.3 billion, though it faced a revenue decline of 30.8%. The company achieved a net margin of 12.7% and a return on equity of 6.7%. Its next earnings report is scheduled for July 30, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
7 target cuts vs 2 raises.
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EPS & revenue
EPS missed estimates by 559.7%. Revenue missed estimates by 9.0%.
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Profit surprise
EBITDA missed sharply. Operating income missed sharply.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
2 target raises, 7 target cuts.
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Earnings quality
Gross margin down 5.6 points. Operating margin down 33.7 points. Negative free cash flow.
Earnings Call Summary
Coinbase reported $1.4 billion in Q1 revenue, down 21 percent from Q4 due to a crypto market decline of over 20 percent. Despite tough conditions, the company reached an all-time high in crypto trading market share and posted its 12th straight quarter of native asset inflows. The Everything Exchange strategy is working, with derivatives generating $200 million annualized revenue and prediction markets hitting $100 million annualized revenue in just two months. Management emphasized strong fundamentals in stablecoins, with $19 billion in average USDC held and 10x growth in stablecoin transactions on the Base blockchain.
Guidance Coinbase expects subscription and services revenue between $565 million and $645 million in the next quarter, up from current levels. Operating expenses for Q2 are expected between $820 million and $870 million, down 4 to 9 percent from Q1. Full year adjusted expenses should come in between $4.3 billion and $4.6 billion, roughly $500 million lower than exit rates from late 2025.
Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.
Insider Buying and Selling at Coinbase Global, Inc.
Several insiders at Coinbase have been active in the market. Chief Accounting Officer Jennifer Jones sold 2,051 shares at an average price of $158.15 on June 5, 2026, in a planned transaction. On June 1, 2026, Frederick Wilson sold 10,000 shares at $181.54, also as part of a planned sale. Chief Legal Officer Paul Grewal sold 1,960 shares at $176.88 on May 27, 2026.
Analysts Set New Price Targets
On June 17, 2026, Benchmark reiterated its buy rating with a $270 price target. Other analysts have maintained their ratings, such as Baird with a hold and a $142 target on June 5, 2026, and B. Riley Securities with a hold and a $203 target on June 1, 2026. The consensus among analysts is a buy, with a mean target price of $229.74 based on 30 opinions.
About Coinbase Global, Inc.
Coinbase Global, Inc. operates a platform for buying, selling, and managing cryptocurrency assets both in the United States and abroad. The company offers a brokerage service with a pool of liquidity and provides tools for developers to build blockchain applications. Established in 2012, Coinbase is headquartered in New York, NY, and is led by CEO Brian Armstrong. The company employs about 4,951 people.
Bottom Line
Benchmark's reaffirmation of its buy rating on Coinbase underscores the firm's positive outlook on the company's prospects in the crypto economy. With a substantial market cap and a high P/E ratio, Coinbase remains a significant player in its industry. Investors should note that 13F filings and analyst ratings are backward-looking indicators and may not reflect current market conditions.
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