Coinbase’s (COIN) “system update,” scheduled for Wednesday, could mark a key moment in its attempt to pivot from a crypto exchange to a broader fintech platform, with analysts saying it’s likely to be much more than a backend refresh. Coinbase will use the event to unveil a series of new products across trading, payments, and onchain infrastructure, said Clear Street's Owen Lau. These could include a formal launch of prediction markets — leveraging its partnership with regulated event contracts platform K ...

Core Insights - Coinbase Global CEO Brian Armstrong announced a significant update for the firm, set to be revealed on December 17, sparking speculation within the crypto industry about potential new offerings [1][2][6] Speculation on New Offerings - The announcement has led to various theories from the community, including the possibility of new token launches, expanded product offerings, and improved customer support [2][3] - There is speculation that Coinbase may introduce or expand services related to tokenized stocks, which would allow for 24-hour trading and faster settlement of traditional stocks on a blockchain [4][6] - Interest in tokenized stocks has increased this year due to policy shifts in the U.S. that are easing restrictions on crypto-related activities [7] Expansion of Services - Another theory suggests that Coinbase may be aiming to enhance its "all-in-one" on-chain application vision, building on the introduction of the "Base App" in July, which is part of a multi-year effort to make on-chain tools more accessible to mainstream consumers [8]

下载了 Base App，注册了，充值了，然后 $jesse 开盘了，我捣鼓了半分钟就是买不进去，把我急得，最后把以太坊转去 GMGN 才成功买到，错过了 10m 以下的价格。老板 @jessepollak 你们这 App 体验不太行啊🥺 https://t.co/s1vKq8ofyP ...

Investment Rating - The report maintains a "Buy" rating for Coinbase with a target price of $410.00, indicating a potential upside of 29.0% from the current price of $317.93 [3][4]. Core Insights - The company is steadily advancing its vision of an "Everything Exchange" by integrating decentralized exchanges and expanding into derivatives, tokenized assets, and prediction markets, thereby enriching the variety of tradable assets on its platform [1][9]. - A clearer regulatory framework for crypto assets in the U.S. presents both competition and opportunities, as Coinbase collaborates with more financial institutions to provide crypto asset infrastructure services, creating incremental revenue opportunities [1][9]. - Coinbase is exploring new business opportunities, including stablecoin payments and the Base App blockchain application, with early progress being positive [1][9]. Financial Summary - For FY23A, Coinbase reported sales revenue of $3,108 million, with a projected increase to $6,564 million in FY24A and $7,403 million in FY25E [2][10]. - The net profit is expected to rise significantly from $94.9 million in FY23A to $2,579.1 million in FY24A, before slightly declining to $2,278.2 million in FY25E [2][10]. - The earnings per share (EPS) is projected to increase from $0.40 in FY23A to $10.43 in FY24A, then decrease to $8.71 in FY25E [2][10]. Market Performance - The market capitalization of Coinbase is approximately $83.12 billion, with an average trading volume of $1,441.4 million in March [4]. - The stock has shown a 52-week high of $419.78 and a low of $151.47, indicating significant volatility [4]. Shareholder Structure - Major shareholders include Brian Armstrong with 13.4% and The Vanguard Group with 9.5% [5].

Core Viewpoint - Coinbase Global Inc is expected to report strong trading volume and financial results for the third quarter, driven by Bitcoin reaching new highs during this period [1][8]. Earnings Estimates - Analysts predict Coinbase will report third-quarter revenue of $1.79 billion, an increase from $1.21 billion in the same quarter last year [2]. - The expected earnings per share (EPS) for the third quarter is $1.13, up from 73 cents per share in the previous year [3]. Analyst Insights - Several analysts have lowered their price targets for Coinbase ahead of the earnings report, with Rosenblatt's Chris Brendler reducing the target from $470 to $450 while maintaining a Buy rating [4]. - Brendler noted that the third-quarter results may be less significant than future guidance, particularly regarding the Derebit acquisition [5]. - BTIG initiated coverage on Coinbase with a Buy rating and a price target of $410, highlighting the company's potential to bridge crypto and traditional finance [6]. Growth Areas - Analysts identified three major growth areas for Coinbase: the development of the Base App, stablecoin adoption, and the rapid scaling of the derivatives business [7]. - The company has diversified its revenue streams in recent quarters, which could enhance its financial stability [7]. Key Items to Watch - The report will cover the months of July, August, and September, during which Bitcoin reached an all-time high of over $123,000 in August, likely contributing to strong trading volumes [8]. - The results may influence investor sentiment and trading behavior following the earnings announcement [8]. Regulatory Environment - Coinbase CEO Brian Armstrong has been actively advocating for cryptocurrency regulation, expressing optimism about a potential bill being passed by the end of 2025 [9]. Recent Acquisitions - Coinbase completed the acquisition of Derebit in the third quarter and is also acquiring blockchain fundraising platform Echo for $375 million, which may impact future guidance and financial outlook [10]. Recent Performance - Following a second quarter with declines in transaction revenue, subscription and services revenue, and trading volume, Coinbase aims to demonstrate a rebound in these areas for the third quarter [11].

Coinbase's Base App says users may see zero balances for some coins amid AWS outage https://t.co/9QowgxTBxN ...

⚡️ UPDATE: Coinbase CEO Brian Armstrong says Base App, a new self-custodial wallet, will launch later this year. https://t.co/4w1U0NHTIQ ...

RT robbie (@robbie_rollup)Insane numbers after one week on Base App.- 1,831 unique users- Several thousand unique interactions- First onchain native livestreaming appWe launched this with the belief that giving our comunity onchain tools to engage with our show is the future of streaming. We've tested with real users and got a ton of feedback.Stay tuned for more! ...

Core Viewpoint - Coinbase Global, Inc. is positioned as a leading digital asset exchange with significant assets and user engagement, and it has received a Buy rating from BTIG with a price forecast of $410 based on its growth potential in the digital asset ecosystem [1][2]. Group 1: Market Position and Growth Prospects - Coinbase has $404 billion in assets on its platform and 8.4 million monthly transacting users as of fiscal year 2024 [1]. - The price forecast is based on a 25x multiple of the estimated enterprise value-to-EBITDA for fiscal year 2027, reflecting the company's strong market position [2]. - Analysts argue that Coinbase is well-positioned to benefit from the overall adoption of cryptocurrency through its secure trading platform and its role as a bridge between traditional finance and decentralized finance [3]. Group 2: Revenue Diversification and Growth Opportunities - The company has diversified its revenue streams, with retail transaction revenue now constituting approximately half of the business, down from over 70% in fiscal year 2022 [6]. - Subscription and services revenue has grown to account for around 40% of total revenue, enhancing the business's resilience [6]. - Major growth opportunities identified include the scaling derivatives business, the development of the Base App, and the long-term runway for stablecoin adoption, particularly USDC [5]. Group 3: Strategic Initiatives and Partnerships - The growth of the derivatives market is seen as a significant driver for institutional transaction take-rates, with 75% of global crypto trading volume derived from derivatives [7]. - Coinbase's acquisition of Deribit is viewed as a strategic move to capture the derivatives market internationally and introduce options trading to U.S. retail customers [7]. - The Base App is positioned as a "Web3 super-app," potentially generating new revenue streams through sequencer fees [8]. - The partnership with Circle Internet Group regarding USDC is expected to generate sustainable revenue exceeding $1 billion annually, with significant growth potential in stablecoin adoption [9]. Group 4: Market Performance - At the time of publication, Coinbase Global shares were up 2.69% at $346.58, trading within a 52-week range of $142.58 to $444.64 [10].

Group 1 - BTIG initiated coverage of Coinbase Global Inc. with a Buy rating and a $410.00 price target, emphasizing its role as a leading crypto trading platform and a bridge between traditional finance and decentralized finance [1] - Analysts noted that Coinbase is investing in key areas to create a growth flywheel between its core trading business and digital asset applications, highlighting the scaling derivatives segment and Base App as underappreciated growth drivers [1] Group 2 - Continued adoption of USDC stablecoin is identified as a long-term revenue opportunity for Coinbase [2] - Coinbase is described as one of the most trusted names in crypto, well positioned to innovate and diversify its business for sustained growth [2]