Coinbase Global, Inc. (NASDAQ: COIN) ended Wednesday’s session lower, with traders weighing a fragile crypto backdrop against a busy news cycle that includes a fresh bullish analyst initiation and heightened focus on Coinbase’s long-teased “System Update 2025” product showcase.
COIN closed at $244.19 on Dec. 17, 2025 (4:00 p.m. ET), down 3.33%, after trading in a $243.70–$259.55 range. In early after-hours trading, the stock ticked up to about $245.02 as of 4:35 p.m. ET. [1]
Below is what moved the story today—and what investors should watch before U.S. markets open Thursday, Dec. 18, 2025.
COIN price action after the bell: down day, modest early after-hours bounce
Wednesday’s tape was volatile:
- Close: $244.19 (down 3.33%) [2]
- After-hours (early): ~$245.02 at 4:35 p.m. ET [3]
- Day’s range: $243.70 low to $259.55 high [4]
- Volume: ~8.2 million shares [5]
That early after-hours move is small—but it matters because Coinbase’s most closely watched catalyst today is scheduled after the closing bell, meaning the market’s “full” reaction may not show up until Thursday’s regular session.
Today’s main catalyst: Coinbase “System Update 2025” lands after the close
Coinbase’s investor relations calendar highlights a Product Showcase: “Coinbase System Update 2025” scheduled for Dec. 17, 2025 at 2:00 p.m. PT (5:00 p.m. ET). [6]
The company’s consumer-facing events page framed it as the start of “a new era,” directing users to tune into the livestream on X. [7]
Why the market cares
The “System Update” has become a focal point because multiple reports in the run-up suggested Coinbase is preparing to expand beyond spot crypto trading into adjacent, fast-growing categories—especially:
- Prediction markets
- Tokenized equities (tokenized stocks)
Bloomberg previously reported Coinbase planned to announce these products at the Dec. 17 showcase, with tokenized stocks built “in-house.” [8]
Industry coverage (including investor-focused outlets) also pointed to the event as the venue where Coinbase would reveal details of prediction markets and tokenized equities. [9]
The key question going into Thursday’s open
It’s not just “did Coinbase announce something?”—it’s what exactly was announced:
- Timeline: Is this a near-term rollout, phased beta, or longer-dated roadmap?
- Jurisdictions: U.S. only, international first, or a split approach?
- Regulatory posture: How will Coinbase structure products under U.S. securities/derivatives rules?
On that last point, tokenized stocks can attract scrutiny because investor protections and shareholder rights may not map cleanly from traditional equities into tokenized wrappers—an issue Reuters has previously highlighted in broader reporting on tokenized-stock momentum. [10]
Analyst headlines today: Deutsche Bank initiates coverage with a $340 target
A major Wall Street development on Dec. 17: Deutsche Bank initiated coverage of Coinbase with a Buy and set a $340 price target, arguing Coinbase is building beyond retail trading into a broader “on-chain platform.” [11]
Deutsche Bank’s framing is important for how COIN is valued:
- A “pure exchange” multiple tends to swing with trading volumes and crypto prices.
- A “platform” story can support a higher multiple if investors believe revenue streams diversify (subscriptions, infrastructure, custody, payments, institutional services, new markets).
StockAnalysis’ tracker also lists Deutsche Bank’s initiation today (Dec. 17) at $340, noting it as a new “Strong Buy” style rating in their feed. [12]
Counterweight to the bullish call: Mizuho’s caution and the cannibalization debate
Not everyone is leaning in.
Coverage tied to Mizuho’s recent note emphasized a risk that prediction markets could “cannibalize” crypto trading revenue (for example, if activity shifts rather than expands). [13]
Mizuho cut its Coinbase price target to $280 from $320 and (crucially) indicated it did not include upside from the prediction-market launch in its model due to uncertainty around product details and economics. [14]
This is the core tension for COIN investors heading into Thursday:
- Bull case: New product verticals widen TAM, deepen engagement, and smooth cyclicality.
- Bear case: New verticals shift existing user behavior without lifting overall monetization—and invite incremental regulatory friction.
“Forecasts” snapshot: Wall Street targets imply big upside, but the range is wide
As of today’s data compilation, StockAnalysis reports that 27 analysts covering Coinbase show:
- Consensus: “Buy”
- Average price target:$383.46
- Target range:$230 (low) to $510 (high) [15]
That’s a huge spread—and it underscores why tomorrow’s interpretation of the System Update matters. When analysts disagree this much, it’s often because they’re modeling different long-term scenarios for:
- Crypto market growth
- Coinbase’s take rate and competitive pressures
- Regulatory clarity
- How meaningful “new rails” (tokenization, prediction markets, onchain apps) become
StockAnalysis also summarizes forward-looking financial expectations based on analyst estimates (as presented on the page), including:
- Revenue forecast: ~$7.57B for 2025 and ~$8.79B for 2026 (average estimates shown) [16]
- EPS forecast: ~8.19 for 2025 and ~6.90 for 2026 (average estimates shown) [17]
Those figures suggest analysts expect Coinbase to remain profitable—but also show expectations can move around with crypto prices, trading activity, and investment spend.
Recent rating actions worth noting
Beyond today’s Deutsche Bank initiation, StockAnalysis lists a string of recent target changes from other firms (dates in December 2025), illustrating how quickly sentiment has been shifting. [18]
Macro backdrop today: crypto “risk-off” mood is still influencing COIN
Coinbase remains highly sensitive to crypto risk appetite because its transaction revenue and activity often rise and fall with volatility, prices, and participation.
Reuters reported today that crypto investors have become more cautious following a sharp downturn, noting bitcoin peaked at $126,223 in October 2025 and at one point fell as much as 36% from that high. [19]
Even if Coinbase is trying to broaden beyond pure trading, a weaker “crypto tape” can still pressure:
- Retail engagement
- Asset values on-platform
- Market sentiment toward crypto-linked equities
That context helps explain why COIN can struggle on days when the crypto market narrative turns defensive—regardless of long-term platform ambitions.
Competitive context: prediction markets are getting crowded fast
Coinbase isn’t exploring prediction markets in a vacuum.
A notable theme across financial coverage recently is that prediction markets are migrating toward mainstream brokerage-style platforms. Axios reported today that Robinhood is leaning into prediction markets as part of a broader push blending trading, AI, and “betting-like” experiences. [20]
And the regulatory fight is heating up: Barron’s reported that Kalshi and Crypto.com launched a lobbying group—the Coalition for Prediction Markets—amid rising pressure from state regulators, with Coinbase listed among coalition members. [21]
For Coinbase, this matters because:
- If it enters prediction markets, it enters a space with active jurisdictional debate (federal vs. state oversight).
- The economics may hinge on product design, liquidity, compliance structure, and distribution.
What to watch before the market opens Thursday (Dec. 18, 2025)
Here’s a practical “overnight checklist” for COIN traders and longer-term investors.
1) The details from the System Update, not just the headlines
The market will likely react most strongly to specifics such as:
- Whether prediction markets are live now vs. “coming soon”
- Whether tokenized equities are described as U.S. or ex-U.S. first
- Any discussion of partners, custody, compliance architecture, or rollout dates [22]
2) Any follow-on analyst notes hitting premarket
After a major product event, analysts often publish “first take” notes premarket. Given today’s Deutsche Bank initiation and Mizuho’s caution, upgrades/downgrades or target changes could create outsized premarket movement. [23]
3) Bitcoin/crypto price action overnight
Crypto trades 24/7. Even if Coinbase delivers strong product news, a sharp overnight move in bitcoin or broader risk sentiment can overwhelm single-stock narratives. Reuters’ framing today—investors turning more cautious after the drawdown—highlights why this remains a key variable for COIN. [24]
4) Regulatory angle on tokenized stocks
If Coinbase leans hard into tokenized equities, investors will immediately price in regulatory pathways and friction. Coinbase has previously sought SEC approval related to blockchain-based stocks/tokenized equities, and tokenization has drawn investor-protection questions in broader reporting. [25]
5) Watch for “revenue mix” signals
If the System Update includes concrete monetization plans (fees, spreads, subscriptions, partnerships), that may influence how investors value COIN versus treating it primarily as a leveraged bet on crypto trading volume. [26]
Bottom line for COIN heading into Thursday
Coinbase stock finished Dec. 17 lower at $244.19, with early after-hours trading slightly higher—but the bigger story is that the market is stepping into Thursday’s session with a potentially major strategic update now in the rearview mirror and a wide divergence in analyst views.
- Bullish narrative today: Deutsche Bank’s initiation signals confidence that Coinbase is evolving into a broader on-chain platform with multiple growth levers. [27]
- Cautious narrative: Skeptics question whether new product lines meaningfully expand revenue or partially cannibalize existing trading, while regulatory complexity remains a swing factor. [28]
- Macro overlay: Crypto market sentiment is still fragile after the post-October drawdown—keeping volatility high for COIN. [29]
References
1. stockanalysis.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. stockanalysis.com, 5. stockanalysis.com, 6. investor.coinbase.com, 7. www.coinbase.com, 8. www.bloomberg.com, 9. www.investors.com, 10. www.reuters.com, 11. www.investing.com, 12. stockanalysis.com, 13. www.coindesk.com, 14. www.investing.com, 15. stockanalysis.com, 16. stockanalysis.com, 17. stockanalysis.com, 18. stockanalysis.com, 19. www.reuters.com, 20. www.axios.com, 21. www.barrons.com, 22. investor.coinbase.com, 23. www.investing.com, 24. www.reuters.com, 25. www.reuters.com, 26. stockanalysis.com, 27. www.investing.com, 28. www.investing.com, 29. www.reuters.com
