Published: November 18, 2025 – This article is informational only and not investment advice.
Coinbase Global, Inc. (NASDAQ: COIN) is back in the spotlight today as a sharp crypto sell-off drags Bitcoin below $90,000 and sends shockwaves through crypto‑linked stocks. At the same time, Wall Street analysts are updating their price targets, institutions are tweaking positions, and on‑chain data is flashing warning signs about risk appetite.
If you’re tracking “Coin stock” today, here’s what’s actually moving Coinbase on November 18, 2025, and how the latest news fits together.
1. Coinbase stock price snapshot for November 18, 2025
Coinbase ended Monday’s session (November 17) at $263.95, down 7.06% on the day as selling accelerated into the close. [1]
According to TradingView data, recent performance illustrates how brutal the last stretch has been: [2]
- 1 day: −7.06%
- 5 days: −14.64%
- 1 month: −17.36%
- From early‑November high (~$318 close on Nov 10): about −17%
- Roughly 40% below its 52‑week high
That puts COIN firmly in “high‑beta tech/crypto” territory: it has gained about 3% year‑to‑date but still trades slightly negative over the last 12 months, with volatility far exceeding broader equity indices. [3]
In pre‑market trading today, a Reuters brief noted that crypto‑related U.S. stocks, including Coinbase, were modestly lower as Bitcoin dipped to a near seven‑month low, with COIN off around 0.5% ahead of the open. [4]
2. Macro backdrop: Bitcoin drops below $90,000
The key macro driver today is simple: Bitcoin is breaking down.
A Reuters piece carried by The Economic Times reports that Bitcoin slipped below $90,000 for the first time in seven months on Tuesday, signaling fading risk appetite across global financial markets. [5]
The article highlights several forces behind the slide:
- Rising doubts about the pace and depth of future U.S. rate cuts
- A broader “risk‑off” mood, with tech and crypto assets under pressure
- The unwinding of speculative positions built up during Bitcoin’s run above $126,000 in October, leaving it now down nearly 30% from its recent peak and erasing 2025 gains. [6]
Separate analysis from Investing.com points to forced selling by over‑leveraged corporate treasury holders as another persistent source of pressure in the Bitcoin market. [7]
For Coinbase shareholders, this matters because COIN’s revenue—particularly transaction fees—remains tightly linked to:
- The price level of major crypto assets such as BTC and ETH
- The trading volumes and volatility those prices generate
Large, sustained pullbacks in Bitcoin have historically translated into lower retail engagement, more cautious institutional flow and, over time, pressure on Coinbase’s top line.
3. Fresh headlines shaping Coinbase (COIN) today
3.1 Mizuho lifts price target to $320 but keeps a Neutral rating
This morning, Insider Monkey reported that Mizuho raised its Coinbase price target from $300 to $320 following the company’s strong third‑quarter 2025 results. However, the firm kept its rating at Neutral, signaling tempered enthusiasm. [8]
Key points from the Mizuho note: [9]
- The new target reflects improved confidence after “solid” Q3 results, helped by the Deribit acquisition, which contributed around $30 million of revenue and boosted institutional derivatives activity.
- Stablecoin revenue rose about 44% year‑over‑year, driven by higher USDC balances and growing USDC market cap.
- Stablecoins (mostly USDC) now account for nearly 20% of Coinbase’s total revenue, with off‑platform activity responsible for roughly 55% of that stablecoin revenue.
- Mizuho remains cautious about:
- Sustaining high retail fee (“take rate”) levels amid intensifying competition
- Coinbase’s growing reliance on USDC interest income, which could shrink if rates fall or rivals undercut yields
In short: Wall Street is acknowledging Coinbase’s execution but flagging concentration and competitive risks that are front‑of‑mind for investors today.
3.2 Coinbase stock plunges as Bitcoin breaks down
On the equity side, CoinCentral notes that Coinbase stock has fallen about 9% as Bitcoin’s price lurches below the $90,000–$92,000 area. [10]
The article underscores several red flags investors are watching: [11]
- Short‑term performance: COIN has given up double‑digit percentages over the past week and month, mirroring the violence of the Bitcoin reversal.
- Insider activity: Year‑to‑date, insiders have executed hundreds of sales with no reported open‑market insider purchases, reinforcing a perception that management is more inclined to take profits than add exposure at current levels.
- Volatility: With a one‑year beta above 4, moves in both directions are being amplified relative to the broader market. [12]
TradingView’s “Key facts today” section adds more context: the stock is down in four of the last five weeks and trades about 40% below its yearly high, despite strong 2025 revenue and profit growth. [13]
3.3 Institutional flows: Raiffeisen buys COIN, BlackRock moves crypto to Coinbase Prime
Not all large players are heading for the exits.
A new filing tracked by MarketBeat shows Raiffeisen Bank International AG increased its Coinbase stake by roughly 413% in Q2, ending the quarter with 12,916 shares worth about $4.6 million at the time of the filing. [14]
At the on‑chain level, CoinCentral reports that BlackRock recently transferred over $650 million in Bitcoin and Ethereum to Coinbase Prime—a move that has sparked speculation about potential large reallocations or sales. [15]
At the same time, analytics from CryptoQuant, summarized by CryptoPotato, reveal that the Coinbase Premium Gap—the price difference between Bitcoin on institution‑heavy Coinbase and retail‑dominated Binance—has dropped to about −$90, one of its lowest readings of the year. [16]
A deeply negative premium typically suggests:
- Weaker institutional bid on Coinbase’s order books
- Stronger relative demand (or slower selling) on Binance’s more retail‑driven market
Taken together, today’s data paints a nuanced picture: selective institutional accumulation of COIN stock, heavy on‑chain flows into Coinbase Prime from large asset managers, but also signs of cooling institutional spot demand for Bitcoin itself.
4. Coinbase fundamentals: What Q3 2025 tells us
Despite the recent price slide, Coinbase’s underlying business has been printing some of its strongest numbers since the last crypto bull market.
According to the company’s Q3 2025 shareholder letter and earnings call: [17]
- Net revenue grew about 83% year‑over‑year, driven by higher trading activity and robust subscription and services income, including staking, custody and USDC revenue. [18]
- Net income for Q3 came in around $433 million, with adjusted net income of $421 million and adjusted EBITDA of about $801 million, underscoring strong profitability despite elevated operating expenses. [19]
- USD‑denominated resources reached roughly $11.9 billion, bolstered by a $3 billion convertible debt issuance in August; after netting out long‑term debt, Coinbase reported about $4.7 billion in net USD resources, providing a substantial liquidity cushion. [20]
- Headcount rose to 4,795 full‑time employees, reflecting investment in engineering, compliance, customer support and integration of the Deribit acquisition. [21]
However, earlier in the year, Q1 2025 results showed how quickly conditions can swing. LeverageShares notes that Q1 EPS fell to $0.24 from $4.40 a year earlier and revenue, while up year‑over‑year, missed Wall Street estimates, as institutional trading and fee rates came under pressure. [22]
The trend across 2025 so far:
- Top line is growing, with meaningful contributions from recurring subscriptions and services.
- Profitability is real but sensitive to crypto prices and trading intensity.
- The business mix is gradually diversifying away from pure trading, yet transactions still account for more than half of revenue, leaving earnings exposed to sentiment swings like the one we’re seeing today. [23]
5. Valuation and analyst sentiment on November 18, 2025
5.1 How expensive is COIN right now?
TradingView’s latest snapshot shows Coinbase with a market capitalization of about $76.6 billion and a trailing price‑to‑earnings ratio near 24.6x, based on roughly $12.64 in trailing 12‑month EPS. [24]
That puts COIN:
- Richly valued vs. many traditional brokers and exchanges
- But arguably in line with high‑growth fintechs and platform businesses, especially for investors who treat Coinbase as a levered call option on the long‑term crypto economy
Given the stock is now around 40% below its yearly high, bulls argue that much of the near‑term crypto weakness is being priced in. Bears counter that earnings are highly cyclical, so looking cheap on trailing numbers can be misleading if trading volumes deteriorate further. [25]
5.2 What Wall Street is saying today
Across major research platforms, Coinbase’s consensus rating sits in positive, but not euphoric, territory:
- MarketBeat’s tally of 30 analysts classifies COIN as a “Moderate Buy”, with 1 Sell, 9 Holds, 19 Buys and 1 Strong Buy. [26]
- Zacks and other aggregators put the average 12‑month price target near $388, with estimates ranging from roughly $243 on the low end to $510 on the high end. [27]
- Public.com cites a similar average target just above $390, reinforcing the idea that many analysts still see mid‑30s to ~40% upside from the mid‑$280s price levels that underpinned these models—though those targets could be revisited if Bitcoin’s slump persists. [28]
Today’s Mizuho update to a $320 target with a Neutral rating is more conservative than the broader Street but emphasizes the same tension: strong execution and growing non‑trading revenue vs. cyclical, crypto‑driven earnings and growing stablecoin dependence. [29]
6. Key themes COIN traders are watching today
Here are the big storylines shaping Coinbase’s risk–reward profile on November 18, 2025:
- Bitcoin’s breakdown and macro risk‑off
- BTC slipping below $90,000 and erasing its year‑to‑date gains signals a broad risk‑off shift, not just a crypto‑only story. [30]
- As long as macro uncertainty around rates and growth remains elevated, correlation between COIN and BTC is likely to stay high.
- Trading volumes vs. recurring revenue
- Q3 data confirm Coinbase can be highly profitable when trading is strong, and that its subscription and services segment is increasingly important. [31]
- The open question: will recurring revenue be enough to offset a deeper, longer crypto winter if it materializes?
- Stablecoin and USDC concentration risk
- Stablecoins now contribute around one‑fifth of revenue, and Mizuho worries about over‑reliance on USDC interest income as competition heats up and rates may eventually drift lower. [32]
- Institutional signals: mixed but not catastrophic
- Raiffeisen’s big position increase suggests some banks still view COIN as a strategic way to access crypto infrastructure. [33]
- BlackRock’s $650M transfer to Coinbase Prime and the sharply negative Coinbase Premium Gap, however, hint at potential institutional de‑risking in Bitcoin or at least significant portfolio repositioning. [34]
- Insider selling and sentiment
- Frequent insider stock sales, including planned disposals by CEO Brian Armstrong’s trust and CFO Alesia Haas filed on November 17, reinforce the perception that insiders are happy to de‑risk at current valuations. [35]
7. What this means for different types of investors
Again, this is not a recommendation to buy or sell COIN, but today’s setup tends to be interpreted differently depending on risk profile:
- Short‑term traders
- See a classic high‑beta momentum name moving in lockstep with Bitcoin.
- Key levels are likely to be driven more by BTC price action than company‑specific news, at least in the near term.
- Long‑term believers in the crypto economy
- May view drawdowns like this as part of the normal cycle in a high‑volatility asset class.
- The combination of strong Q3 profitability, a growing “infrastructure and services” segment, and a still‑healthy balance sheet could be seen as supportive of a multi‑year thesis, provided regulatory risk remains manageable. [36]
- Risk‑averse investors
- Are likely to be concerned by the combination of:
- High valuation versus cyclically inflated earnings
- Massive sensitivity to Bitcoin price paths
- Negative Coinbase Premium signals and ongoing insider selling [37]
- Are likely to be concerned by the combination of:
Whatever your camp, COIN remains one of the purest large‑cap plays on the institutionalization of crypto—and one of the most volatile stocks in mainstream indices.
8. Bottom line for November 18, 2025
- Price action: Coinbase is in a steep short‑term downtrend, roughly 17% off its early‑November highs and about 40% below its yearly peak, with pre‑market trading hinting at more volatility. [38]
- Macro driver: Bitcoin’s break below $90,000 and a broad risk‑off mood are the dominant forces today. [39]
- Company story: Fundamentally, Coinbase just delivered a strong Q3 with robust profitability and growing stablecoin and services revenue, but prior quarters show how quickly conditions can change. [40]
- Wall Street view: Consensus remains a Moderate Buy with upside implied by average price targets, yet Mizuho’s fresh Neutral at $320 underscores lingering skepticism about sustainability and concentration risks. [41]
As always, if you’re considering any position in Coinbase or other crypto‑linked stocks, it’s important to assess your risk tolerance, time horizon and diversification, and to consult a qualified financial advisor before making decisions.
References
1. www.investing.com, 2. www.tradingview.com, 3. www.tradingview.com, 4. www.tradingview.com, 5. m.economictimes.com, 6. m.economictimes.com, 7. www.investing.com, 8. www.insidermonkey.com, 9. www.insidermonkey.com, 10. coincentral.com, 11. coincentral.com, 12. www.tradingview.com, 13. www.tradingview.com, 14. www.marketbeat.com, 15. coincentral.com, 16. cryptopotato.com, 17. investor.coinbase.com, 18. seekingalpha.com, 19. investor.coinbase.com, 20. investor.coinbase.com, 21. investor.coinbase.com, 22. leverageshares.com, 23. www.aol.com, 24. www.tradingview.com, 25. www.tradingview.com, 26. www.marketbeat.com, 27. www.zacks.com, 28. public.com, 29. www.insidermonkey.com, 30. m.economictimes.com, 31. investor.coinbase.com, 32. www.insidermonkey.com, 33. www.marketbeat.com, 34. coincentral.com, 35. www.tradingview.com, 36. investor.coinbase.com, 37. cryptopotato.com, 38. www.tradingview.com, 39. m.economictimes.com, 40. investor.coinbase.com, 41. www.insidermonkey.com
