JPMorgan cuts popular crypto stock's price target ahead of earnings

Group 1: JPMorgan Chase - JPMorgan Chase, the world's largest bank by market capitalization, is planning to launch crypto trading services for institutional clients despite facing accusations of debanking from the industry [1] - The bank predicts that Bitcoin (BTC) could eventually reach a price of $266,000 amid the ongoing crypto market crash [1] Group 2: Coinbase Global - JPMorgan has reduced its price target for Coinbase Global by 27% ahead of the crypto exchange's earnings report, while maintaining an "Overweight" rating [7] - The reduction in price target is attributed to a less constructive crypto operating environment [7] - Coinbase's Q3 2025 earnings report showed an EPS of $1.5, which exceeded estimates by 45% [6] - The company is expected to report its Q4 and full year 2025 financial results on February 12 [6] - Analysts expect a significant decline in Coinbase's EPS for Q4 2025 due to lower crypto trading volumes and market capitalizations [8] - Revenue for Coinbase in the upcoming quarter is projected to be below guidance at $670 million, compared to the guidance range of $710-790 million, due to softness in crypto prices and lower staking yields [8] Group 3: Coinbase's Strategic Developments - Coinbase is working towards building an "Everything Exchange" that integrates traditional stocks, cryptocurrencies, tokenized assets, and prediction markets on a single platform [5] - The exchange was a major supporter of the crypto market structure bill but withdrew support over restrictions on stablecoin rewards, with ongoing negotiations [5]