Bernstein Maintains 'Outperform' Rating for Coinbase with $330 Price Target

Chainthink

Release Time: 05/08/2026 11:41:58

Summary

Bernstein maintains its 'Outperform' rating for Coinbase with a $330 price target, citing crypto price resilience. Q1 revenue came in at $141 million, 5% below estimates, with a net loss of $394.1 million. The firm highlighted derivatives, prediction markets, and payment services as key growth areas. Annualized retail derivatives revenue exceeded $200 million, while institutional derivatives revenue reached $250 million. Prediction market revenue hit $100 million in March. Base’s stablecoin volume surged tenfold, with over 90% of AI agent stablecoin transactions occurring on the network. Crypto prices remain under pressure amid broader market volatility.

ChainThink reports, according to The Block, Bernstein analysts released a research report following Coinbase's Q1 earnings announcement, maintaining their "Outperform" rating and $330 price target.

Coinbase's first-quarter revenue was $1.41 billion, 5% below expectations; adjusted EBITDA was $303 million, 26% below expectations.

Net loss of $3.941 billion, including $4.82 billion in unrealized losses from the cryptocurrency portfolio. Spot trading volume decreased 25% quarter-over-quarter to $202 billion, and monthly active trading users declined 10% to 8.2 million.

Bernstein noted that growth in Coinbase’s derivatives, prediction markets, and payments businesses could serve as potential upside catalysts: retail derivatives generate over $200 million in annualized revenue, institutional derivatives (Deribit) exceed $250 million in annualized revenue, and prediction markets surpassed $100 million in annualized revenue in March.

Stablecoin trading volume on the Base network has grown tenfold year-over-year, with over 90% of AI agent stablecoin trades occurring on this network.

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