Coinbase (COIN) opened the quarter with a rough financial showing. After the 
exchange reported major losses in its first-quarter earnings, Barclays 
responded by cutting its price target for COIN, while Bank of America trimmed 
its target more modestly. Two Wall Street Takes On Coinbase Barclays lowered 
its Coinbase price target to $107 from $140, maintaining an Underweight rating 
following the company’s release. Bank of America, by comparison, reduced its 
target to $218 from $234 while keeping a Buy rating. Barclays anchored its 
downgrade on what it said was a significant miss across both revenue and 
adjusted EBITDA. It noted that even though certain segments of Coinbase’s 
activity came in above expectations, overall quarter-to-date transaction 
revenues still fell well below Street estimates. Related Reading: Hyperliquid 
Q1 Report—The ‘House Of All Finance’ Is Nearer Than Ever, Here’s Why The 
message from Barclays was that the upside in specific trading pockets wasn’t 
enough to offset the broader weakness in Coinbase’s core performance. Bank of 
America’s reasoning focused more on the pressure on expenses, as well as the 
demand environment Coinbase is facing. The firm flagged higher tech and 
development spending and said that consumer volumes declined 36% quarter over 
quarter, a drop it linked to depressed asset prices. Despite that, Bank of 
America stayed positive, pointing to the company’s strategic push toward 
crypto-as-a-service and arguing that those efforts could create more durable 
revenue streams over time. Net Loss, Crypto Investment Losses The financial 
results themselves showed the seriousness of the quarter. Coinbase reported a 
net loss of $394.1 million, or $1.49 per share, compared with a profit of 
$65.6 million, or $0.24 per share, in the year-ago period. It also showed 
softness beyond pure trading activity: revenue from the subscription and 
services unit—which includes businesses outside of trading—fell 13.5% to 
$583.5 million in the first quarter. Related Reading: JPMorgan Says Strategy 
Could Buy Up To $30B In Bitcoin This Year– TD Cowen Lifts Target To $395 
Overall adjusted EBITDA dropped to $303.3 million from $929.9 million a year 
earlier, underscoring how steep the earnings decline was compared with the 
prior-year baseline. Trading-related revenue also weakened. Coinbase said 
transaction revenue fell 40% year over year to $755.8 million. In addition, it 
recorded a loss on crypto assets held for investment, reporting a loss of 
$482.4 million on those crypto assets versus a loss of $596.7 million in the 
prior year. Following the release of its Q1 report, Coinbase&#8217;s stock, COIN, 
saw a 5% drop to $192 per share. However, the stock closed this week&#8217;s trading 
session at $201, marking an 8% surge in the last 24 hours. Featured image from 
OpenArt, chart from TradingView.com

Barclays Turns Bearish On Coinbase Following Q1 Woes, Slashing Price Target To $107

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Barclays Turns Bearish On Coinbase Following Q1 Woes, Slashing Price Target To $107

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