Updated December 9, 2025 — data as of the close and early after-hours session.
Coinbase’s stock today and in after-hours trading
Coinbase Global, Inc. (NASDAQ: COIN) finished Tuesday, December 9, 2025, at $277.37, up 1.16% on the day. Shares traded in a wide intraday range between $266.83 and $284.74, underscoring just how volatile the crypto proxy has remained. [1]
In the first stretch of after-hours trading, COIN barely budged, ticking down to about $277.31, a negligible –0.02% move from the regular-session close as of roughly 18:13 platform time, according to Investing.com. [2]
Key context for where the stock sits now:
- 52‑week range: $142.58 – $444.65. [3]
- Current level: Still roughly one‑third below its July 2025 high near $444, after a drawdown of about 40% highlighted by recent coverage of the name. [4]
- Volatility: Coinbase has seen 51 daily moves of more than 5% over the last year, according to StockStory/TradingView, making it one of the more volatile large‑cap U.S. equities. [5]
During the afternoon, COIN was up closer to 1.8% before “cooling off” into the close around the high‑$270s. [6] The after-hours action so far suggests no dramatic repricing on the back of today’s headlines — but there was a lot of news for traders to digest before tomorrow’s open.
1. The big story: PNC’s Bitcoin trading launch powered by Coinbase
The headline catalyst for Coinbase today is a landmark banking deal:
- PNC Bank announced it is the first major U.S. bank to offer direct spot Bitcoin trading for clients inside its own digital banking platform. [7]
- The service is initially available to PNC Private Bank® high‑net‑worth clients, who can now buy, sell and hold Bitcoin directly within PNC’s interface. [8]
- Coinbase provides the plumbing — trading, custody and financing — via its Crypto‑as‑a‑Service (CaaS) infrastructure. [9]
The joint Coinbase blog post and PNC press release frame this as a strategic expansion of their existing relationship, positioning Coinbase as the behind‑the‑scenes crypto engine for a top‑10 U.S. bank. [10]
Why this matters for COIN:
- It validates Coinbase as a preferred institutional partner for compliant crypto integration into traditional banking.
- It opens the door to fee and custody revenue that is less directly tied to retail trading spikes.
- It may set a precedent for other big banks that don’t want to build crypto infrastructure from scratch but don’t want to send their clients to rival exchanges either.
Multiple outlets — including Benzinga, CoinDesk, Bitcoin Magazine and others — highlighted the partnership as both a symbolic milestone and a concrete new revenue channel for Coinbase. [11]
For traders heading into Wednesday, the key question is how quickly this translates into measurable inflows and custody balances, or whether it’s initially more of a long‑dated narrative tailwind than a near‑term earnings driver.
2. Crypto sentiment boost: MicroStrategy’s mega‑Bitcoin buy
The PNC news arrived in a broader crypto‑positive backdrop.
According to StockStory/TradingView coverage, MicroStrategy (MSTR) disclosed the purchase of 10,624 additional bitcoins for about $962.7 million, lifting its total holdings to 660,624 BTC. [12] The deal was funded via share issuance and framed as a reinforcement of Bitcoin as MicroStrategy’s core treasury asset.
Crucially, MicroStrategy’s CEO reiterated there are no plans to sell its Bitcoin holdings until 2065, signaling ultra‑long‑term conviction. [13]
This vote of confidence came while:
- Bitcoin is trading above $90,000, as highlighted in Bloomberg’s latest crypto segment. [14]
- New products like a proposed “Bitcoin AfterDark” ETF, designed to hold BTC overnight and Treasuries during the day, are being filed with the SEC — another sign of institutional experimentation with crypto market structure. [15]
The combination of institutional accumulation (MicroStrategy) and traditional banking adoption (PNC–Coinbase) helped lift sentiment in crypto‑linked equities, which Finviz and TradingView cited as a key reason COIN traded higher today. [16]
3. Growth moves: India reboot and new tokens on Coinbase
Today’s narrative around Coinbase isn’t just about one bank deal. The company also continues to push for growth on multiple fronts:
Re‑entering India
Benzinga reported yesterday (Dec. 8) that Coinbase has reopened its app for registrations in India after a roughly two‑year pause following regulatory tension. [17]
Key points:
- Coinbase is resuming India expansion even as COIN’s chart battles a downtrend and key technical support levels. [18]
- The Indian market remains one of the largest untapped retail pools in crypto if the regulatory environment can stabilize.
This re‑entry is cautious but important: India’s potentially huge user base could materially diversify Coinbase’s geographic mix over time.
New assets and products
On December 9, Coinbase also added spot trading for two new tokens, Plume (PLUME) and Jupiter (JUPITER), at a time when crypto market liquidity is tightening into year‑end. [19]
The StockStory/TradingView note also highlights that Coinbase:
- Reopened Indian registrations.
- Launched additional altcoin monthly futures products and around‑the‑clock trading on various pairs. [20]
None of these are individually transformational, but they reinforce the “everything exchange” narrative — Coinbase wants to be the central venue for spot, derivatives, staking, custody and banking‑style integrations.
4. Valuation check: Bulls vs. bears on Coinbase after the latest rally
Despite today’s uptick, not everyone is convinced that Coinbase’s current price fully reflects the risks.
Short‑term skepticism: 24/7 Wall St.
A same‑day analysis from 24/7 Wall St. notes that:
- COIN has fallen about 11% over the last month, and is roughly 12% below its November high, even before today’s bounce. [21]
- The pullback tracks a roughly 8% drop in Bitcoin from its December peak, which directly threatens trading volumes that had driven a 37% sequential revenue surge in Q3. [22]
- Coinbase trades at about 23.7× earnings and sports a beta of 3.69, meaning it tends to exaggerate crypto’s swings both up and down. [23]
The article also highlights increasingly bearish chatter on Reddit and X, focusing on:
- Dependence on crypto trading volume.
- Fee pressure from rivals like Robinhood and Kraken.
- Questions around whether the recent revenue spike is sustainable if Bitcoin cools off. [24]
Deep‑dive valuation split: Simply Wall St.
Simply Wall St. published a valuation check on December 9 that underlines just how divided the market is: [25]
- Over the past month, the stock is down about 11%, and 14% over three months, even as crypto activity stays high. [26]
- A “narrative fair value” model — emphasizing Coinbase’s role as a trusted institutional on‑ramp with partnerships spanning BlackRock, PNC, JPMorgan, and others — pegs fair value at about $383.46, implying roughly 28.5% upside from recent levels near $274. [27]
- A discounted cash‑flow (DCF) model from the same platform, however, lands at around $127.61, implying the stock is meaningfully overvalued at current prices. [28]
In other words: depending on your framework, COIN can look either attractively undervalued or significantly expensive. That tug‑of‑war is core to the debate going into 2026.
Longer‑term upside camp: Bernstein and others
A recent NewsBTC‑syndicated note points out that:
- COIN is still down nearly 40% from its July peak of about $444, trading closer to the low‑$270s in early December. [29]
- Bernstein maintains a bullish $510 price target, citing Coinbase’s evolution from a pure‐play trading venue toward an “everything exchange” with tokenization, derivatives, Base L2, and app initiatives. [30]
- Monness Crespi & Hardt has a Buy rating with a $375 target, part of a broader cluster of optimistic Wall Street views. [31]
5. Street consensus and latest analyst moves
MarketBeat’s collation of Wall Street research shows how the broader sell‑side views COIN as of early December: [32]
- Analyst coverage: 30 analysts.
- Average 12‑month price target:$396.94.
- High target:$510.00.
- Low target:$243.00.
- Based on a “current price” reference around $277.36, the average target implies about 43% upside.
Recent rating actions include:
- Goldman Sachs (Dec. 5, 2025): Cut target from $314 to $294, Neutral. [33]
- Rothschild & Co Redburn (Nov. 28, 2025): Trimmed target from $417 to $404, but kept a Buy stance. [34]
- Argus & Erste Group (Nov. 25 & 20): Shifted from Buy to Hold, flagging risk‑reward balance after the run‑up. [35]
- Monness Crespi & Hardt (Nov. 10):Upgraded to Buy, target $375. [36]
- B. Riley (Nov. 3): Raised target from $185 to $243 while maintaining a Neutral stance. [37]
Taken together, Wall Street leans bullish but cautious: upside remains in the base case, but several houses have trimmed targets or moved to Hold as volatility and valuation concerns grow.
6. Other recent overhangs: outages and sentiment shocks
Before today’s more upbeat tone, Coinbase had been dealing with a few notable headwinds:
- Cloudflare outages: A December 5 incident at Cloudflare temporarily disrupted access to Coinbase, Kraken, and several DeFi interfaces. While Barron’s reported that Coinbase’s share price “barely budged” on the news, it highlighted the sector’s operational dependency on third‑party cloud and networking providers. [38]
- Volatility fatigue: 24/7 Wall St. previously noted that COIN shares had fallen over 30% from a late‑October peak as Bitcoin volatility rattled retail investors — a reminder that retail flows can reverse quickly when crypto whipsaws. [39]
These issues haven’t derailed today’s mini‑rally, but they remain part of the risk backdrop investors will have in mind into Wednesday’s session.
7. What to watch before the market opens on December 10, 2025
Here are the key factors traders and investors may want to monitor as they prepare for Wednesday’s U.S. session:
1. Overnight crypto moves — especially Bitcoin
Coinbase is still heavily beta‑linked to Bitcoin and the broader crypto complex.
- Bitcoin is holding above $90,000, with recent surges tied to institutional flows, ETF activity, and MicroStrategy’s buying spree. [40]
- New ETF filings such as the Nicholas Bitcoin and Treasuries “AfterDark” ETF, which holds Bitcoin overnight and shifts into Treasuries during U.S. daytime hours, could affect overnight volatility patterns that show up in COIN’s pre‑market trading. [41]
If Bitcoin breaks sharply higher or lower while U.S. equities are closed, expect COIN to gap accordingly at the open.
2. Follow‑through on the PNC–Coinbase trade
Tomorrow’s flow data and commentary may reveal:
- Whether the market sees the PNC news as a one‑day headline or the start of a bigger “banking adoption” mini‑cycle.
- Any read‑across to other financial institutions that could pursue similar CaaS integrations with Coinbase.
If other banks or wealth managers hint at similar moves, the “infrastructure provider to TradFi” thesis for COIN gains weight.
3. Macro and the Fed
U.S. stocks traded mixed today as the Federal Reserve’s December policy meeting kicked off, with investors debating the timing and magnitude of future rate cuts. [42]
High‑beta growth names like Coinbase tend to react sharply to shifts in rate expectations and risk appetite. Into tomorrow:
- A more dovish tone could support speculative and growth assets, including crypto stocks.
- A hawkish surprise or a market scare about “higher for longer” rates could weigh on COIN, especially given its elevated beta.
4. Liquidity and trading volumes in COIN itself
From a microstructure standpoint, watch:
- Whether after‑hours and pre‑market volumes remain subdued (signalling consolidation), or ramp on the back of institutional headlines.
- How COIN trades relative to other crypto‑exposed names like MicroStrategy, miners, and Bitcoin ETF issuers; strong relative performance could confirm that investors are rewarding Coinbase’s platform and partnership story rather than just crypto beta.
5. Ongoing narrative around valuation and retail sentiment
Expect fresh commentary from:
- Retail channels (Reddit, X) where COIN has become a lightning rod for debates on whether the stock is overvalued or a misunderstood beneficiary of institutional crypto adoption. [43]
- Analysts and quant platforms updating models after today’s move and any overnight crypto swings.
Given Simply Wall St.’s split between narrative fair value (~$383) and DCF fair value (~$128), and Bernstein’s $510 bull case, tomorrow’s trading will continue to be a referendum on which story the market believes. [44]
8. Bottom line
- Price action: COIN closed at $277.37 and is effectively flat in early after‑hours trading, after an intraday gain of just over 1%. [45]
- Positive drivers:
- Headwinds & questions:
- A pullback from recent highs and growing skepticism about revenue sustainability if Bitcoin stalls. [49]
- Divergent valuation models, with some calling COIN undervalued and others seeing it as expensive versus fundamentals. [50]
- Persistent operational and regulatory risks, plus high sensitivity to macro conditions. [51]
For traders and investors heading into the December 10, 2025 open, Coinbase sits at the intersection of:
- Structural adoption (banks, ETFs, tokens on Base), and
- Cyclical volatility (Bitcoin’s price path, Fed policy, retail risk appetite).
How the market weighs those forces overnight — and how Bitcoin trades while the stock market sleeps — will likely set the tone for COIN’s next move.
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. holder.io, 5. www.tradingview.com, 6. www.tradingview.com, 7. www.prnewswire.com, 8. www.prnewswire.com, 9. www.coinbase.com, 10. www.coinbase.com, 11. www.benzinga.com, 12. www.tradingview.com, 13. www.tradingview.com, 14. www.youtube.com, 15. sherwood.news, 16. finviz.com, 17. www.benzinga.com, 18. www.benzinga.com, 19. finance.yahoo.com, 20. www.tradingview.com, 21. 247wallst.com, 22. 247wallst.com, 23. 247wallst.com, 24. 247wallst.com, 25. simplywall.st, 26. simplywall.st, 27. simplywall.st, 28. simplywall.st, 29. holder.io, 30. holder.io, 31. holder.io, 32. www.marketbeat.com, 33. www.marketbeat.com, 34. www.marketbeat.com, 35. www.marketbeat.com, 36. www.marketbeat.com, 37. www.marketbeat.com, 38. www.barrons.com, 39. 247wallst.com, 40. www.youtube.com, 41. sherwood.news, 42. finance.yahoo.com, 43. 247wallst.com, 44. simplywall.st, 45. www.investing.com, 46. www.prnewswire.com, 47. www.tradingview.com, 48. www.benzinga.com, 49. 247wallst.com, 50. simplywall.st, 51. www.barrons.com
