Company Overview - Coinbase Global, Inc. (COIN) is valued at $68.1 billion and operates one of the largest cryptocurrency trading platforms globally, allowing users to buy, sell, store, and stake digital assets like Bitcoin and Ethereum. The company emphasizes security and regulatory compliance while serving both retail and institutional clients [1]. Earnings Expectations - Analysts anticipate that Coinbase will report an adjusted profit of $1.02 per share for the fourth quarter, representing a significant decline of 69.9% from $3.39 per share in the same quarter last year. The company has missed bottom-line estimates once in the past four quarters but has exceeded projections three times [2]. - For fiscal 2025, earnings per share (EPS) are expected to be $4.50, down 40.8% from $7.60 in 2024. However, EPS is projected to rebound in FY2026, increasing by 27.8% year over year to $5.75 [3]. Stock Performance - Over the past 52 weeks, COIN stock prices have increased marginally, underperforming the Financial Select Sector SPDR Fund's 12.2% gain and the S&P 500 Index's 18.6% increase during the same period [4]. Analyst Ratings and Price Target - The consensus rating for COIN is "Moderate Buy," with 20 analysts recommending "Strong Buys," one "Moderate Buy," 11 "Holds," and two "Strong Sells." The mean price target is $359.18, indicating a potential upside of 40.4% from current price levels [6]. Recent Developments - On January 5, COIN shares rose by 7.7% after Goldman Sachs upgraded the stock from "Neutral" to "Buy," raising its 12-month price target to approximately $303. This upgrade was attributed to the company's shift towards more stable revenue streams, such as custodial services and staking, rather than relying solely on trading fees. Analysts believe this diversification could lead to more predictable growth and justify a premium valuation. The stock's increase was also supported by a broader recovery in the digital asset market, including Bitcoin prices surpassing $92,000 [5].

Financial Performance - In Q3 2025, Pure Cycle delivered revenue of $5.14 million, gross profit of $3.26 million with a 63% gross margin, and net income of $2.26 million, translating to $0.09 EPS[23] - Year-to-date 2025, Pure Cycle delivered revenue of $14.89 million, gross profit of $8.45 million with a 57% gross margin, and net income of $7.00 million, translating to $0.29 EPS[23] - Year-to-date net income totaled $7 million, representing 56% of the full-year target, and EPS reached $0.29, also 56% of the 2025 EPS guidance[32] - The company has acquired over $130 million in water and land interests[7] Water Utilities - The water rights portfolio can provide water to as many as 60,000 connections[63] - The current water system can produce over 3.4 million gallons of water per day, with a book value of $56 million[65] - The company estimates its water portfolio can generate approximately $2.3 billion in revenues based on current rates, serving approximately 60,000 connections[68] Land Development - Total lot sales from completed phases reached $80 million with a 77% gross margin[79] - Sky Ranch land acquisition cost was $3.7 million, with over $600 million in potential development revenue expected[93] Single-Family Rentals - The company has 14 completed homes with $131,000 in quarterly rent revenue and a 69% gross margin[46, 49] - The fair market value of completed homes is $7.4 million[106]