Bernstein Bullish on Coinbase: 71% Upside Despite Q1 Miss
Bernstein analysts have maintained an Outperform rating and $330 price target on Coinbase (COIN). This suggests 71% upside from the recent closing price of $192.96. The firm believes Coinbase is successfully diversifying beyond spot trading.
Q1 2026 Results Show Market Pressure
Coinbase reported Q1 revenue of $1.41 billion, missing estimates by 5%. Adjusted EBITDA was $303 million, with a net loss of $394 million. Spot trading volume fell 25% to $202 billion, while retail volume dropped 36%. Monthly transacting users declined to 8.2 million due to softer crypto market conditions.
Record Market Share and Strong Diversification
Despite lower volumes, Coinbase achieved its highest-ever crypto trading market share. Newer businesses are growing fast. Retail derivatives now annualize over $200 million, institutional derivatives exceed $250 million, and prediction markets crossed $100 million annualized run rate. Base network stablecoin volume surged 10x year-over-year.
Future Growth Catalysts Look Promising
Bernstein expects strong upside from regulatory clarity, potential Strategic Bitcoin Reserve, and expanding high-margin revenue streams. The “everything exchange” strategy is gaining real traction.
This version contains exactly 4 headings with short sentences, proper paragraphs, and SEO-friendly structure.
