Coinbase · The Block
Benchmark joins others in reiterating Buy rating on Coinbase stock despite lackluster Q1 earnings
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Despite a rather lackluster first-quarter earnings report, Benchmark equities analysts have reiterated their Buy rating for Coinbase's stock, raising their price target to $270 from $260, in a research report on Tuesday.
Key facts
- On a non-GAAP basis, Adjusted EBITDA came in at $303.3 million, down from $929.9 million in Q1 2025
- Last week, Coinbase reported a net loss of $394 million in the first quarter of 2026, and a steep miss on estimates, with revenue coming in at $755.8 million
- Despite a rather lackluster first-quarter earnings report, Benchmark equities analysts have reiterated their Buy rating for Coinbase's stock, raising their price target to $270 from $260
- Benchmark also pointed to Coinbase’s growing product line, with 12 monetized businesses each generating about $100 million in annualized revenue
Summary
Coinbase (COIN) is beginning to deliver on its promise of becoming the so-called "Everything Exchange," evolving from a market-dependent crypto exchange into a core infrastructure provider for the burgeoning "onchain economy," the analysts said. "We regard COIN at this point as less of a cyclical crypto brokerage and more of a foundational infrastructure platform for the emerging onchain economy," they wrote. Last week, Coinbase reported a net loss of $394 million in the first quarter of 2026, and a steep miss on estimates, with revenue coming in at $755.8 million. Also early last week, ahead of the earnings report, Coinbase announced it was shedding 14% of its staff.