On July 31, Coinbase Global, Inc. declined over 12% in regular trading. The sell-off followed the company's Q2 earnings report, which revealed both revenue missing consensus estimates and losses exceeding market expectations.
Specifically, despite a weak trading environment, Coinbase reported its crypto trading volume market share hit a record high of 10.3% in Q2, driven by growth in both spot and derivatives trading. Stablecoin revenue totaled $292 million, supported by record-high average USDC holdings across Coinbase products. The company disclosed that Q3 trading revenue stood at approximately $130 million as of July 26. Multiple analysts responded by cutting price targets, with Piper Sandler lowering its target to $146, China Renaissance adjusting to $211 from $231 while maintaining a Buy rating, and Citi reducing its target from $400 to $235.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)