Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 2 Dec, 25 | COIN | Buy | USD 259.84 | USD 275.0 | USD 300.0 | 29 days | Closed |
11.75%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Coinbase Global, Inc. provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions. It also provides technology and services that enable developers to build crypto products and securely accept crypto assets as payment. The company was founded in 2012 and is based in Wilmington, Delaware.
Material Expansion in Institutional Trading Revenue: Institutional transaction revenue rose sharply from $55 million in Q3FY24 to $135 million in Q3FY25, a 145% YoY increase, supported by derivatives growth and the Deribit acquisition contributing $52 million in Q3FY25
Strong Growth in Total Revenue: Coinbase’s total revenue increased from $1.21 billion in Q3FY24 to $1.87 billion in Q3FY25, representing a 55% YoY increase driven by broader trading activity, higher crypto prices, and stronger subscription/services revenue
Increase in Total Operating Expenses Despite Revenue Growth: Total operating expenses increased from $1.04 billion in Q3FY24 to $1.39 billion in Q3FY25, a 34% YoY rise, driven by higher stock-based compensation, Deribit integration costs, and expanded customer support/compliance efforts
Higher Operating Costs: Technology & development plus general & administrative expenses rose from a combined $708 million in Q3FY24 to $849 million in Q3FY25, an increase of 20% YoY, primarily due to headcount growth and acquisition-related amortization.
Coinbase’s long-term performance is exposed to regulatory uncertainty, crypto-market volatility, competitive pressure in trading and derivatives, and concentration risks linked to USDC and crypto-asset pricing
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 259.84 | 230.0 | 275.0 | 300.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Coinbase presents a strong investment case driven by robust financial momentum, increasing revenue diversification, and accelerating crypto-infrastructure adoption. In Q3FY25, total revenue rose to $1.87 billion, supported by significant increases in both trading activity and subscription/services revenue, reflecting broad-based operational strength. The company’s strategy to build “The Everything Exchange”—a unified platform spanning spot, derivatives, custody, payments, and on-chain applications—positions it to capture long-term structural growth as financial services shift to crypto rails.
Coinbase’s competitive moat is reinforced by its leading position in regulated U.S. derivatives, strengthened after completing the Deribit acquisition, which contributed $52 million in revenue in Q3 and enabled the platform to exceed $840 billion in derivatives notional volume. This deepens its institutional franchise and expands total addressable markets across multiple jurisdictions.
The company is also benefiting from powerful tailwinds in stablecoin adoption, with USDC reaching an all-time-high $74 billion market cap in Q3, and Coinbase customers holding a record $15 billion of USDC on-platform. This drove stablecoin revenue of $355 million, up 7% QoQ, and underpins durable, margin-rich subscription income. Its infrastructure dominance—evidenced by $516 billion in Assets on Platform and $300 billion in Assets Under Custody—positions Coinbase as the preferred partner for institutions, including ETF issuers, banks, and fintechs. This institutional stickiness enhances long-term visibility.
Strong cost discipline, declining one-off expenses, and improving operating leverage led to Adjusted EBITDA of $801 million, highlighting sustained profitability even as headcount and product investments grow. The company also maintains a significant liquidity buffer of $11.9 billion in USD resources, strengthening balance sheet resilience.
Overall, Coinbase’s expanding product suite, regulatory alignment, institutional credibility, and diversified revenue engines position it as a structural winner as global financial activity migrates on-chain.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Coinbase Global, Inc (NASDAQ: COIN) at the closing market price of USD 259.84, as on Dec 01, 2025.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Financial Data & Stock Exchanges
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| COIN Coinbase Global Inc |
-8.56 4.56% | 179.30 | 46.51 | 91.74 | 20.34 | 9.48 | 18.28 | 390.34 |
| SPGI S&P Global Inc |
-59.98 11.37% | 467.68 | 56.69 | 29.76 | 11.11 | 3.83 | 11.88 | 29.36 |
| CME CME Group Inc |
2.69 0.93% | 293.46 | 25.13 | 22.62 | 14.28 | 3.02 | 14.28 | 17.43 |
| MCO Moodys Corporation |
-46.01 8.90% | 471.04 | 47.15 | 34.13 | 12.22 | 21.93 | 13.13 | 30.23 |
| ICE Intercontinental Exchange Inc |
-10.215 5.90% | 162.97 | 28.62 | 21.79 | 9.36 | 2.78 | 9.72 | 19.58 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on December 2, 2025. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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