Key Takeaways
- COIN is trading around the mid‑$270s today (Dec 3, 2025), up roughly 4–5% intraday, as the broader crypto market rebounds and Bitcoin jumps back above $92,000. [1]
- Coinbase CEO Brian Armstrong says “some of the largest banks” are working with Coinbase on pilots around stablecoins, custody and trading, underscoring the push toward institutional and tokenized finance. [2]
- Analysts are split between valuation worries and aggressive upside: Argus cut COIN to Hold on rich multiples, while Bernstein reaffirmed a Street‑high $510 price target (about 90% upside). [3]
- Consensus 12‑month target sits near $390 with a “Buy” rating, implying ~40% upside from current levels, even as Wall Street models EPS declines in 2026 after a huge 2024–25 rebound. [4]
- Short‑term technical models (CoinCodex, StockInvest) lean cautious, flagging high volatility and projecting potential downside over the next few months despite bullish long‑term narratives. [5]
Disclaimer: This article is for informational and journalistic purposes only and is not financial advice.
Coinbase Stock Price Today (December 3, 2025)
Midday on Wednesday, December 3, 2025, Coinbase Global, Inc. (NASDAQ: COIN) is trading around $275–276 per share, up roughly 4–5% on the session. StockAnalysis shows a real‑time quote of $275.80, +$12.54 (+4.76%) at 1:01 p.m. EST. [6]
According to StockInvest, COIN’s 52‑week range runs from about $142.58 (low) to $444.65 (high), putting today’s price well above the lows but still far below the highs reached earlier in the year. As of the December 2 close, this translated to a market cap around $66.5 billion. [7]
COIN remains a high‑beta, high‑volatility name: StockInvest notes daily swings above 3–4% are common, with a “high risk” label based on wide trading ranges. [8]
Why COIN Is Up Today: Bitcoin Rebound, Vanguard ETF Access and ARK’s Buying
Today’s move is tightly linked to a sharp rebound in the crypto complex.
- Investor’s Business Daily reports that Bitcoin has surged more than 6% back above $93,000, while Ethereum is up about 9%, after a wave of short liquidations and renewed ETF inflows. [9]
- That rebound is spilling into crypto‑linked equities: IBD highlights Coinbase gaining roughly 3–4%+ alongside other crypto plays. [10]
A detailed breakdown from Finviz explains “Why Coinbase (COIN) Stock Is Up Today”:
- The article attributes COIN’s morning jump of ~3.7% to a crypto rally sparked in part by news that Vanguard is allowing clients to access Bitcoin ETFs, encouraging fresh institutional inflows and pushing BTC above $92,000. [11]
- It also notes that Cathie Wood’s ARK Invest recently bought about 28,315 Coinbase shares (~$7.5 million) for its ARKK ETF, reinforcing the perception of institutional support. [12]
- After the initial spike, Finviz cites COIN around $274.52, up ~4.4% from the prior close, very close to where it’s trading midday. [13]
Taken together, short‑covering in crypto, renewed spot Bitcoin ETF enthusiasm, and headline institutional buying are driving today’s strength in Coinbase stock.
Big Banks, Stablecoins and Tokenization: Armstrong’s DealBook Signal
One of the most consequential Coinbase headlines today is not about price at all, but about who Coinbase is working with.
Speaking at the New York Times DealBook Summit, CEO Brian Armstrong said that “some of the largest banks” are working with Coinbase on pilots involving stablecoins, custody and trading. [14]
Key points from the Bloomberg Law report:
- These pilots involve stablecoin payments, asset custody and trading, suggesting large traditional banks are testing Coinbase as infrastructure for digital assets. [15]
- Armstrong framed it bluntly: “The best banks are leaning into this as an opportunity… The ones who are fighting it are going to get left behind.” [16]
- The discussion, which included BlackRock CEO Larry Fink, focused on tokenizing non‑crypto assets and the next phase of institutional crypto adoption. [17]
This dovetails with Coinbase’s Q3 commentary that stablecoins and tokenization are becoming central growth drivers. Reuters noted that in Q3, subscription and services revenue (which includes stablecoin-related income) grew 34% year‑on‑year to about $746.7 million, with stablecoin revenue alone rising to roughly $354.7 million from $246.9 million a year earlier. [18]
For COIN stock, the takeaway is clear: Wall Street is increasingly treating Coinbase as a core infrastructure play in a tokenized financial system, not just a place to trade spot crypto.
Strategic & Regulatory Moves: Texas Reincorporation and Crypto Literacy Push
Moving the Legal Home to Texas
In November, Coinbase announced a major corporate governance move: it plans to exit Delaware and reincorporate in Texas. [19]
Reuters reports that Coinbase cited:
- Texas’s favorable business environment
- Friendlier tax rules and lighter regulation
- New state legislation creating specialized business courts aimed at high‑growth and innovative companies [20]
Chief Legal Officer Paul Grewal argued that Delaware court decisions—culminating in the high‑profile Tesla compensation ruling—have increased litigation risk for boards, making Texas a more attractive base for Coinbase. [21]
For investors, the shift signals a bet on a more crypto‑friendly regulatory ecosystem and is consistent with Coinbase’s broader strategy of relocating parts of its business to jurisdictions seen as more open to digital assets.
Crypto Literacy Partnership with NCA and Operation HOPE
On December 3, Coinbase also appeared in a high‑impact social‑impact announcement:
- The National Cryptocurrency Association (NCA), Coinbase and Operation HOPE unveiled a partnership to deliver free, vendor‑agnostic crypto literacy resources to underserved communities across the U.S. [22]
- The initiative includes coursework, short lessons and scam‑awareness modules, with a strong “safety‑first” focus. [23]
- Coinbase CFO Alesia Haas framed it as part of Coinbase’s mission to expand “economic freedom” by giving people practical tools and clear information about crypto. [24]
While not a direct revenue driver, this reinforces Coinbase’s brand with policymakers and communities, supporting its long‑term positioning as a “trusted” on‑ramp to digital assets.
Upcoming Goldman Sachs Conference Appearance
On December 9, 2025, CFO Alesia Haas is scheduled to participate in a fireside chat at the Goldman Sachs 2025 Financial Services Conference, with the session webcast on Coinbase’s investor relations site. [25]
This kind of appearance often becomes a short‑term catalyst if management updates guidance, discusses market conditions, or hints at new products and partnerships.
Fundamentals Snapshot: Q3 Earnings, Stablecoins and Derivatives
Coinbase’s latest reported quarter (Q3 2025) showed strong fundamentals beneath the price volatility.
Highlights from Reuters and Argus/Investing.com: [26]
- Transaction revenue: Up to $1.05 billion from $572.5 million a year earlier, as higher crypto volatility boosted trading.
- Net income: Jumped to about $432.6 million ($1.50 per share), versus $75.5 million ($0.28 per share) a year prior — comfortably beating the ~$1.06 consensus EPS.
- Subscription & services revenue: Rose 34% to ~$746.7 million, driven largely by stablecoin yields and blockchain rewards.
- Stablecoin revenue: Around $354.7 million, up from $246.9 million in the prior year’s quarter.
The company also closed its acquisition of Deribit, a leading crypto options exchange:
- Reuters notes that Deribit commands more than 75% market share in crypto options, expanding Coinbase’s reach in derivatives from primarily spot markets. [27]
In short, COIN’s earnings profile today looks far more diversified than in 2021–2022, with a growing emphasis on recurring revenue and derivatives, not just spot trading fees.
What Wall Street Is Saying: Argus vs. Bernstein, and the Consensus Middle
Argus: Downgrade on Valuation
On November 25, research firm Argus downgraded Coinbase from Buy to Hold, explicitly citing valuation concerns. [28]
Key points from the Argus‑covered note (via Investing.com):
- COIN trades at roughly 39× Argus’s revised 2026 EPS estimate, well above the 24–27× range for traditional exchanges like ICE, Nasdaq, CME and Cboe. [29]
- Argus cut its EPS estimates to $7.80 for 2025 (from $8.94) and $6.55 for 2026 (from $9.56), assuming slower growth after the recent crypto pullback. [30]
- The firm still sees long‑run potential in Coinbase’s push to become an “everything exchange” with derivatives, tokenized equities and broad asset listings—but wants a lower multiple before turning bullish again. [31]
Bernstein: Street‑High $510 Price Target
By contrast, Bernstein has doubled down on a bullish thesis:
- TipRanks reports that Bernstein maintains an Outperform rating and a $510 price target, about 90% above current levels. [32]
- Analyst Gautam Chhugani argues that Coinbase’s underlying business remains strong despite recent crypto weakness, highlighting:
- A shift toward an “everything exchange” model that looks more like a full‑stack financial platform than a pure crypto broker.
- Stablecoins, token issuance, derivatives and tokenized equities as key growth pillars.
- A December 17 product showcase as a potential catalyst to spotlight new offerings. [33]
The Consensus: “Buy” with ~40% Upside, but EPS Down in 2026
Pulling back, the broader analyst community is cautiously bullish:
- StockAnalysis aggregates 26 analysts covering COIN with a consensus “Buy” rating and an average 12‑month price target of $389.47, implying about 41% upside from around $276. [34]
- Target range: $259 (low) to $510 (high), with Bernstein’s $510 at the top. [35]
- The same dataset shows analysts modeling 2025 revenue of ~$7.57B (up ~20% YoY) and 2026 revenue of ~$8.79B (+16%), but EPS drifting lower from 9.48 in 2024 to 8.19 in 2025 and 6.90 in 2026 as growth investments and competition bite. [36]
In other words, Wall Street expects Coinbase to keep growing, but at a slower, choppier pace, and current multiples already bake in a lot of optimism.
Quant and Technical Forecasts: Near‑Term Caution
CoinCodex: Mild Near‑Term Drift Lower
CoinCodex’s algorithmic model, updated on December 3, offers a short‑ to medium‑term forecast for COIN: [37]
- Current price: ~$275.79
- 5‑day prediction: ~$271.69
- 1‑month prediction: ~$261.57
- 3‑month prediction: ~$227.38
It characterizes current sentiment as “Neutral” with:
- Fear & Greed Index: 39 (“Fear”)
- Volatility: ~12.3% over the last 30 days
- Only 11 “green days” out of 30 (about 37%)
The model suggests a small pullback over days and weeks rather than a runaway rally—though like any technical forecast, this is highly uncertain.
StockInvest: “Sell Candidate” in a Falling Short‑Term Trend
StockInvest’s AI‑driven view (updated December 2) is more openly cautious: [38]
- It labels COIN a “Sell candidate” since November 11, with an expected 15.7% decline over the next 3 months and a 90% probability band between $194.74 and $293.58.
- For today’s session (Dec 3), it projected a “fair opening price” around $266.34 and an intraday swing range of roughly ±7% based on recent volatility.
- The system sees mixed signals: a short‑term moving‑average buy signal but a long‑term moving‑average sell signal, plus a negative MACD, yielding an overall bearish technical stance.
These quant tools do not consider the full fundamental story, but they underline one thing most investors already know: COIN is extremely volatile, and short‑term price paths are noisy and risky.
How Coinbase Trades the Crypto Cycle
Nearly every major headline around Coinbase today loops back to one reality: COIN is levered to the crypto cycle.
- When Bitcoin and Ethereum sell off—as they did earlier this week, briefly knocking Bitcoin below $85,000—crypto‑exposed equities like Coinbase have been hit hard. AP noted COIN fell around 4.8% during Monday’s rout. [39]
- Today’s sharp rebound in Bitcoin and altcoins has reversed some of that damage, and COIN is moving in tandem with that relief rally. [40]
From a business standpoint, this volatility cuts both ways:
- Trading volumes generally rise with volatility, which boosts Coinbase’s transaction revenue—as seen in Q3, where transaction revenue nearly doubled YoY. [41]
- But extended drawdowns can erode retail activity and stress margins, which is why Argus and other firms are wary of extrapolating current earnings into the distant future. [42]
The strategic emphasis on stablecoins, derivatives, tokenization and subscription products is essentially Coinbase’s attempt to smooth the cycle—building business lines that benefit from crypto adoption even when prices are choppy. [43]
Key Risks Heading Into 2026
Investors following COIN should keep several risks in view:
- Crypto Price & Volume Risk
COIN’s revenues are still materially correlated with crypto prices and trading activity. A renewed downturn in Bitcoin or stablecoins—especially if driven by macro recession fears—could hurt volumes and sentiment. [44] - Regulatory & Policy Uncertainty
- Coinbase is still navigating a complex U.S. regulatory environment, including prior battles with the SEC.
- While stablecoins benefited from the passage of the GENIUS Act, which created a clearer framework for dollar‑pegged tokens, future rulemaking could either support or constrain Coinbase’s ambitions. [45]
- Valuation Risk
Even after recent pullbacks, COIN trades at elevated forward multiples versus traditional exchanges, which prompted the Argus downgrade. If earnings underperform or crypto slumps again, multiple compression could be painful. [46] - Competition from Other Exchanges and DeFi
Coinbase faces competition from Binance, Bybit, Gate.io and decentralized exchanges, which continue to vie for global spot and derivatives market share. November data cited monthly centralized exchange volumes falling to ~$1.6 trillion, with Coinbase’s share around $93 billion, behind Bybit and Gate.io. [47] - Execution on Tokenization & “Everything Exchange” Strategy
Bernstein’s bullish case assumes Coinbase can successfully expand into tokenized equities, prediction markets, and Base‑powered consumer apps—all of which are promising but still early‑stage. [48]
Catalysts to Watch in December 2025 and Early 2026
Looking forward from today’s date, traders and longer‑term followers of COIN will be watching:
- Dec 9, 2025 – Goldman Sachs 2025 Financial Services Conference
CFO Alesia Haas’s fireside chat could include commentary on volumes, the Texas reincorporation, regulatory outlook and upcoming products. [49] - Dec 17, 2025 – Coinbase Product Showcase (highlighted by Bernstein)
Expected to focus on tokenization, derivatives, Base ecosystem and consumer products, and viewed by Bernstein as a key upside catalyst. [50] - Q4 & Full‑Year 2025 Earnings (currently slated for Feb 12, 2026)
StockInvest lists Feb 12, 2026 as the next earnings date, when Coinbase will provide updated numbers and guidance. [51] - Regulatory and Legislative Developments
Any further U.S. movement on stablecoins, tokenized securities or exchange oversight will be closely watched, especially given Coinbase’s Texas move and its efforts to get SEC approval for tokenized equities. [52]
Bottom Line: What Today’s Move May Be Signaling
As of December 3, 2025, Coinbase stock sits in a tension zone:
- Bulls see a company that:
- Just delivered blowout Q3 results,
- Is partnering with major banks and institutions on stablecoins and tokenization,
- Has powerful long‑-term themes in its favor, and
- Still offers 40–90% theoretical upside based on consensus and top‑of‑Street price targets. [53]
- Bears and skeptics point to:
- Rich valuation multiples vs. traditional exchanges,
- Reliance on a volatile asset class with a history of boom‑and‑bust cycles, and
- Technical indicators and quant models currently leaning cautious to bearish over the next quarter. [54]
Whether COIN ultimately breaks higher or corrects from here will likely depend on three intertwined forces:
- The path of Bitcoin and stablecoin adoption;
- The pace of regulatory clarity vs. crackdown; and
- Coinbase’s ability to execute on its “everything exchange” vision with banks, institutions and retail users all in the mix.
For now, today’s rally is less a verdict and more a vote of confidence that institutional crypto—and Coinbase’s role in it—is far from over, even if the road ahead remains volatile.
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