Coinbase stock (NASDAQ:COIN) is at the center of investor attention as the leading U.S. cryptocurrency exchange prepares to release its fourth-quarter and full-year 2025 results on February 12, 2026. After a sharp decline in digital-asset prices in late January, Bitcoin (BTCUSD) fell significantly, dragging down Coinbase stock by roughly 32% for the month. This underperformance, amid broader tech and fintech weakness, has heightened anticipation for the upcoming earnings call, which may set the tone for the company’s performance in 2026.
About Coinbase Stock
With a market capitalization of $43 billion, Coinbase Global offers trading, staking, and custody services for digital assets. The platform serves both retail and institutional clients, holding trillions in assets under custody. The company also provides wallets, staking rewards, and, recently, stock-trading services. In 2025, Coinbase became the first crypto-native firm added to the S&P 500 ($SPX).
COIN stock surged early last year, climbing from early-2025 lows to a mid-July peak near $445 before easing back to the mid-$200s. In 2026, weakness in crypto markets drove the stock lower to around $160-$165, slightly below its 50-day moving average near $169. Despite this decline, Coinbase trades at a discount relative to peers, with a forward P/E in the mid-teens versus the 33× average for fintech and brokerage peers. Price-to-sales metrics also suggest COIN stock could be undervalued if trading volumes recover.
What to Expect from the Q4 Report
Coinbase confirmed that Q4 2025 and full-year earnings will be released after markets close on February 12. Analysts forecast Q4 revenue of approximately $1.84 billion, down roughly 20% year-over-year, reflecting the sharp decline in trading fees. EPS is expected near $0.99, a significant drop from Q4 2024’s $3.50.
Beyond raw numbers, management’s commentary on subscriptions, staking rewards, and assets under custody will be closely monitored. Stable growth in these areas could offset the decline in spot trading revenue. Coinbase’s guidance also indicates continued operational spending, with projected Q4 sales/marketing costs of $215-$315 million and tech & administrative expenses around $925-$975 million.
Coinbase Expands Beyond Crypto
Coinbase has actively diversified its offerings in 2025. In December, the company launched stock trading and a prediction-markets platform, placing it alongside competitors such as Robinhood (NASDAQ:HOOD) and Interactive Brokers (NASDAQ:IBKR). The acquisition of The Clearing Company, a prediction-market startup, marked Coinbase’s 10th acquisition of the year, signaling a broader strategy to increase engagement and revenue beyond crypto trading.
Regulatory matters remain relevant as well. CEO Brian Armstrong criticized a January Senate proposal on cryptocurrency legislation, citing concerns about stablecoin regulation and SEC oversight. Investors will monitor how such developments impact Coinbase stock and market sentiment.
Analyst Sentiment on Coinbase Stock
Wall Street views on Coinbase stock remain mixed to positive. The consensus is a “Moderate Buy,” with an average 12-month target near $337, implying over 100% potential upside. Analysts diverge on expectations due to ongoing crypto volatility. Goldman Sachs recently raised its target to $310 with a “Buy” rating, while Cantor Fitzgerald cut its target to $320, citing 2025 market weakness.
Research notes emphasize the importance of Coinbase’s new initiatives. J.P. Morgan highlighted that stock-trading and prediction-market features may increase engagement and reduce the episodic volatility of crypto volumes. Benchmark analysts noted that these services encourage frequent user activity, creating more reasons for investors to use Coinbase’s platform.
Why February 12 Is Critical
For Coinbase stock, the Feb. 12 earnings call represents a make-or-break moment. Investors will assess whether the company has stabilized trading volumes, subscriptions, and staking rewards. Positive surprises could signal the stock has bottomed and provide a foundation for 2026 growth. Conversely, any guidance of declining demand could add downward pressure. Ultimately, Coinbase’s prospects remain closely tied to crypto-market trends, innovation in platform services, and investor confidence.
Featured Image: Unplash @ traxer
