Cryptocurrency exchange Coinbase swings to quarterly loss on trading slowdown | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Item 1 of 2 The Coinbase logo in this illustration taken on November 3, 2025. REUTERS/Dado Ruvic/Illustration[1/2]The Coinbase logo in this illustration taken on November 3, 2025. REUTERS/Dado Ruvic/Illustration [Purchase Licensing Rights, opens new tab]- Companies[Circle Internet Group Inc]Follow[Coinbase G ...

Monica Long, president of Ripple (CRYPTO: XRP) , predicts half of Fortune 500 companies will adopt formal crypto strategies by the end of 2026 as stablecoins become the default for global payments.Stablecoins Become The Default Payment RailLong says stablecoins will replace traditional payment systems within five years, not as an alternative but as the foundation.The shift is already happening. Visa Inc (NYSE:V) and Stripe are building stablecoin infrastructure into their core systems. The GENIUS Act legali ...

Group 1: Ark Invest's Significant Trades - Ark Invest executed notable trades in Bitmine Immersion Technologies, Coinbase, Bullish, and Shopify, reflecting strategic positioning in technology and cryptocurrency sectors [1] - A total of 478,125 shares of Bitmine Immersion were purchased, valued at approximately $14.01 million [2] - Ark Invest increased its stake in Coinbase by acquiring 24,198 shares, valued at around $5.9 million [5] - The purchase of Bullish shares totaled 209,886, valued at approximately $8.8 million [6] - Ark Invest reduced its holdings in Shopify by selling 65,302 shares, valued at approximately $10.6 million [8] Group 2: Bitmine Immersion Technologies - Bitmine has faced pressure due to a broader sell-off in the cryptocurrency market, particularly influenced by declining Ethereum prices [3] - The company holds 3.97 million ETH, representing over 3.2% of the global supply, with total holdings valued at $13.3 billion [3] Group 3: Coinbase Developments - Coinbase announced new features, including stock trading and tokenized trading, which could enhance platform appeal and drive future growth [5] Group 4: Bullish Inc. Performance - Bullish reported strong third-quarter earnings with revenue of $76.5 million, surpassing expectations, and guided subscription and services revenue of $47 million to $53 million for the fourth quarter [7] Group 5: Shopify Performance - Shopify reported fiscal third-quarter revenue growth of 32% year over year to $2.84 billion, beating estimates, while adjusted EPS of 34 cents met expectations [9] - Shopify achieved a record $14.6 billion in sales during the Black Friday–Cyber Monday weekend [9]

Investment Rating - The report assigns a "Buy" rating for Coinbase Global Inc with a target price of $270, indicating an expected share price return of 30.8% [6]. Core Insights - The report highlights that Coinbase's 1Q'25 results met expectations, with transaction revenue of $1,262 million, up 16% year-over-year but down 20% quarter-over-quarter. Subscription and services revenue also increased by 15% year-over-year [1][3]. - The acquisition of Deribit for $2.9 billion is noted as the largest M&A deal in the crypto sector, expected to enhance Coinbase's institutional flow and international scaling efforts [2]. - Coinbase's initiatives to drive utility include launching bitcoin-backed loans, expanding USDC use cases, and developing a B2B payment platform [1]. Financial Performance Summary - Transaction revenue was $1,262 million, matching expectations, with total transaction volume reported at $393 billion [3][10]. - Subscription-based revenue reached $698 million, up 86% year-over-year, with staking revenue at $197 million and stablecoin revenue at $298 million [8][10]. - Adjusted EBITDA was $930 million with a margin of 45.7%, exceeding estimates by 4% [8][10]. Strategic Developments - Coinbase's scaling initiatives in derivatives are emphasized, with a global derivatives trading volume of $800 billion in 1Q'25 and the launch of 24/7 BTC and ETH futures [1]. - The report suggests that Coinbase's stock performance will increasingly be linked to competitive M&A and product developments as the crypto landscape evolves [1]. Valuation Framework - The target price of $270 is based on a mid-teens five-year revenue CAGR, with assumptions of market share growth and subscription revenue yield expansion [12][13].