Key Insights
- Coinbase (COIN) stock price traded lower as its Bitcoin treasury passed 18,000 BTC.
- Coinbase reported $2.51 in GAAP earnings per share and $718.7 million in net income.
- Morgan Stanley cut its COIN target to $120, while Barclays also set a $120 target.
COIN stock fell today, even as the company disclosed a Bitcoin treasury milestone. The Coinbase stock price closed at $143.54 on Friday, while analysts lowered targets and executives disclosed possible share sales.
Coinbase had also released third-quarter results one day earlier, beating earnings estimates but missing revenue forecasts.
COIN stock price lost $17.05, or 10.62%, from Thursday’s closing price of $160.59. The decline left shares well below their previous close despite a daily recovery.
Notably, COIN stock price moved from about $147 to a low near $137 during Friday’s session. Shares recovered to close near $144, about $7 above the session low, but remained down for the day.
COIN Stock Price Falls After Earnings
The COIN stock price was at $141.03 on Monday in the pre-market session, marking another $2.51, or 1.75% retreat from Friday’s close.
It is also important to recall that Coinbase released its third-quarter 2026 results on October 29. The company reported earnings of $2.51 per share and net income of $718.7 million.
Crypto portfolio gains boosted net income. Bitcoin and digital asset markets rebounded during the quarter. Coinbase’s EPS beat analyst estimates by 2,972.97%. Revenue missed consensus forecasts by 5.67%.
Coinbase reported total net revenue between $1.20 billion and $1.22 billion. Analysts had expected approximately $1.22 billion to $1.23 billion for the quarter.
Revenue fell 35% year over year and remained roughly flat compared with the previous quarter. The annual decline contrasted with the large reported net income, which benefited from portfolio gains.
Morgan Stanley analyst Michael Cyprys downgraded Coinbase stock to Underweight from Equalweight and cut its price target to $120 from $258. Barclays also set a $120 target for the stock.
Analyst Michael Cyprys said, “confidence in the earnings recovery has deteriorated.” He cited weaker trading trends, a softer revenue outlook, and crypto-market uncertainty after the recent Binance hack.
Morgan Stanley cut its 2027 revenue forecast by 28% and its adjusted EBITDA forecast by 47%. For 2028, it lowered revenue by 18% and adjusted EBITDA by 25%.
The firm expects $2.4 billion in normalized EBITDA in 2028, about 14% below 2025 levels. It also reduced its target EBITDA multiple to 12 times from 20 times.
Coinbase Bitcoin Treasury and Planned Share Sales
Chief Executive Brian Armstrong said Coinbase recently added its 18,000th Bitcoin to its treasury holdings. Armstrong wrote, “Happy 18th birthday to Bitcoin! We (Coinbase) recently added our 18,000th Bitcoin to our treasury investment holdings.”
The Bitcoin white paper appeared on October 31, 2008. Coinbase’s official X account also shared the Bitcoin birthday anniversary.
Coinbase holds approximately 18,000 BTC as a corporate treasury investment. This balance excludes Bitcoin held for exchange customers.
Trackers rank Coinbase between eighth and thirteenth among public corporate Bitcoin holders. Reported balances range from about 17,954 BTC to 18,000 BTC, depending on the tracker.
Those rankings vary as services update companies’ reported balances. The figures refer to Coinbase’s treasury, rather than customer assets held on the exchange.
Coinbase to Sell 13.6M COIN Stock
Coinbase’s third-quarter SEC filing disclosed Rule 10b5-1 trading plans covering up to 13.6 million Coinbase shares. The plans named Armstrong, co-founder Fred Ehrsam, and President Emilie Choi.
The potential sales would be worth about $2.2 billion using the October 29 closing price of COIN stock. The filing described possible transactions and did not report completed share sales.
Armstrong’s individual plan covers up to 8.17 million shares. That equals roughly 60% of the 13.6 million-share total.
The plan runs from November 16, 2026, through October 2027. It sets predetermined price thresholds for possible transactions. Recall, COIN stock price surged a week ago after Coinbase pushed for foreign stablecoin payments.
