Shan Ahmed Khan

January 25, 2026, 9:01 AM EST. Coinbase Global's shares have fallen 27.2% over the past year yet remain about 3.5 times higher than three years ago. The stock price, near $217, may reflect excessive optimism on crypto despite recent weakness. An Excess Returns valuation model indicates the intrinsic value is closer to $109, implying the share is nearly 99% overvalued. Coinbase's Return on Equity exceeds its Cost of Equity by $2.72 per share, signaling economic profit, but current market pricing appears detached from this fundamental metric. The firm remains central in U.S. crypto trading, making it sensitive to shifts in regulatory tones and crypto market conditions. This valuation gap highlights investor caution over crypto outlooks amidst volatile market sentiment.