Coinbase (COIN)

• Market cap: $68.4B
• 1 day: -2.24%
• 5 days: -5.95%
• 1 month: -6.80%
• 3 months: 51.92%
• 6 months: 27.39%
• Year to date: 74.24%
• 1 year: 58.88%
• 5 years: -16.73%
• 10 years: -16.73%
• Sector: Financials
• Industry: Finance Services

About: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy. Users can establish an account directly with the firm, instead of using an intermediary, and many choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange. While the company still generates the majority of its revenue from transaction fees charged to its retail customers, Coinbase uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage and data analytics.

Employees: 3,416

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

23% more repeat investments, than reductions

Existing positions increased: 321 | Existing positions reduced: 261

7% less call options, than puts

Call options by funds: $5.34B | Put options by funds: $5.72B

3% less funds holding in top 10

Funds holding in top 10: 30 [Q2] → 29 (-1) [Q3]

4.2% less ownership

Funds ownership: 57.79% [Q2] → 53.59% (-4.2%) [Q3]

4% less funds holding

Funds holding: 889 [Q2] → 849 (-40) [Q3]

24% less capital invested

Capital invested by funds: $25.7B [Q2] → $19.4B (-$6.27B) [Q3]

28% less first-time investments, than exits

New positions opened: 105 | Existing positions closed: 145

Research analyst outlook

13 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $178 35% downside
• Avg. target: $287 5% upside
• High target: $420 54% upside

13 analyst ratings

• positive: 6 46%
• neutral: 6 46%
• negative: 1 8%

Keefe, Bruyette & Woods Kyle Voigt 96% 1-year accuracy 23 / 24 met price target	1% upside $275	Market Perform Maintained	20 Dec 2024
Barclays Benjamin Budish 68% 1-year accuracy 71 / 104 met price target	30% upside $355	Equal-Weight Maintained	9 Dec 2024
Needham John Todaro 82% 1-year accuracy 50 / 61 met price target	54% upside $420	Buy Maintained	9 Dec 2024
Goldman Sachs Will Nance 69% 1-year accuracy 29 / 42 met price target	45% upside $397	Neutral Maintained	2 Dec 2024
Oppenheimer Owen Lau 69% 1-year accuracy 36 / 52 met price target	31% upside $358	Outperform Maintained	25 Nov 2024