Coinbase Global, Inc. (NASDAQ: COIN) is back in the spotlight on December 18, 2025, as investors digest a rapid-fire mix of product expansion news, fresh analyst calls, and a shifting U.S. regulatory backdrop that could reshape how crypto platforms operate—and how Wall Street values them going into 2026.
At the center of today’s conversation: Coinbase’s push to become an “everything exchange,” extending beyond crypto into U.S. stock trading, prediction markets, and the early foundations of tokenized equities. [1]
Coinbase stock price on Dec. 18, 2025: COIN rises as crypto stabilizes
As of the latest available trade time today, COIN traded at about $249.80, up roughly 2.3% from the prior close, after moving between roughly $245.50 and $255.24 intraday.
Crypto prices were also firmer at the same time, with bitcoin around $87,678—a reminder of the tight relationship between Coinbase equity and the broader digital-asset cycle, even as the company tries to diversify.
What’s driving Coinbase stock today: the “Everything Exchange” product blitz
Coinbase’s current rally and renewed analyst attention follow a wide-ranging roadmap that adds multiple potential revenue streams—and potentially new regulatory complexity.
1) U.S. stock and ETF trading, including extended hours
Coinbase says it has begun rolling out stock trading to U.S. users, allowing customers to buy, sell, and manage stocks and ETFs in the same app used for crypto, funded with USD or USDC. Coinbase also emphasizes zero-commission trading and 24 hours a day, five days a week access for eligible symbols, with plans to add more stocks over time. [2]
This is a direct escalation of the long-running “one app for all investing” battle that has defined U.S. retail brokerage for years—pitting Coinbase more squarely against platforms like Robinhood and other multi-asset brokerages.
2) Prediction markets via Kalshi, plus “event contracts”
Coinbase is also rolling out prediction markets for U.S. users, with initial market flow coming from Kalshi and contracts spanning outcomes tied to real-world events such as elections, sports, collectibles, and economic indicators. [3]
Reuters notes Coinbase’s move into event contracts arrives amid regulatory uncertainty, where industry participants argue these products fall under the Commodity Futures Trading Commission (CFTC), while some state regulators seek authority by likening them to betting. [4]
3) Tokenized stocks and an institutional “tokenization” platform
A major longer-term catalyst is Coinbase’s plan to move from “stocks in an app” toward stocks onchain.
Coinbase explicitly frames today’s rollout as a stepping stone to tokenized equities, arguing that “everything will be tokenized” over time and positioning tokenized stocks as enabling 24/7 trading, onchain utility, and potentially faster settlement. The company also says it plans to launch Coinbase Tokenize, an institutional platform intended to support tokenizing real-world assets, with more updates expected early next year. [5]
4) AI-powered “Coinbase Advisor” and a broader app ecosystem
Coinbase is also beta-testing Coinbase Advisor, described as an AI-powered financial guidance tool inside the main app, aimed at helping users translate goals into portfolios and actions. [6]
Together with the company’s broader product narrative—including new app experiences and expanded trading rails—these initiatives underpin the “everything exchange” positioning that has become Coinbase’s defining strategic theme heading into 2026. [7]
Why this matters for COIN shareholders: diversification vs. execution risk
For investors, the key stock question is not whether these products sound ambitious—but whether they become material, monetizable, and defensible at scale.
Reuters frames Coinbase’s expansion as an attempt to reduce reliance on crypto trading, which is cyclical and increasingly competitive, while moving the company deeper into brokerage territory. [8]
That’s the upside story: more products per user, more “time in app,” more wallet share, and potentially less earnings volatility across the cycle.
But diversification also brings new challenges:
- Operational complexity (brokerage operations, clearing, customer support, and risk controls across more asset classes)
- Regulatory overlap (securities rules, derivatives rules, and event-contract scrutiny)
- Competitive response (incumbent brokerages and fintechs won’t stand still)
The market’s job now is to price how quickly Coinbase can turn this roadmap into durable earnings power.
Analyst forecasts and price targets on Dec. 18: bullish upside, but not consensus certainty
Today’s coverage includes a wide spread of analyst views—some aggressively bullish on Coinbase’s “everything exchange” strategy, others more cautious due to crypto price sensitivity and near-term volume concerns.
Bullish calls: $420–$440 targets highlight “misunderstood” optionality
- Citizens reiterated a Market Outperform rating and a $440 price target, describing Coinbase as positioned to participate across “virtually all aspects” of blockchain-based activity as use cases scale. [9]
- BTIG maintained a Buy rating with a $420 target following Coinbase’s product showcase, pointing to strategic alignment with its thesis (and acknowledging the company’s volatility). [10]
Constructive, but more moderate: $340 and “Buy” initiation
Investopedia reported that Deutsche Bank initiated coverage with a Buy rating and a $340 target, with the analyst arguing the strategy could widen addressable markets and diversify revenue. [11]
More cautious notes still in the mix
- Goldman Sachs maintained a Neutral stance in commentary published today, underscoring that major firms still see open questions around how new lines translate into financial results (and how sensitive near-term results remain to the crypto cycle). [12]
- Cantor Fitzgerald reportedly kept an Overweight rating but cut its price target to $320—a reminder that even supportive analysts may be recalibrating expectations as crypto market conditions shift. [13]
Street-wide snapshots: targets cluster around the high $300s, with a wide range
A Nasdaq/Fintel write-up cited an average one-year price target around $389.48, with a forecast range stretching from roughly the high $200s to the mid $500s, reflecting unusually high dispersion for a large-cap U.S. company. [14]
MarketBeat’s consensus figures similarly point to an average target in the high $300s, reinforcing the view that Wall Street sees upside—while still disagreeing sharply on how much and how soon. [15]
Regulatory backdrop: U.S. tailwinds, but 2026 uncertainty remains
Coinbase’s stock narrative in late 2025 is inseparable from the policy environment—because regulation shapes which products can launch, how they can be marketed, and which revenue streams are sustainable.
A Reuters report today described 2025 as a year of meaningful crypto policy wins under the Trump administration, including:
- the SEC rescinding certain crypto accounting guidance,
- the dismissal of prior-era lawsuits against Coinbase and other firms,
- and passage of a federal law creating rules for dollar-pegged crypto tokens (stablecoins). [16]
However, Reuters also emphasized that crypto market structure legislation has stalled in the Senate, raising questions about whether the industry’s biggest “clarity” goal arrives in time—or slips further into 2026, leaving firms dependent on regulatory interpretations that could change with politics. [17]
Coinbase expands the policy push overseas, naming George Osborne to a key role
Another major headline today: Coinbase appointed former UK finance minister George Osborne to run its internal advisory council, as the company looks to expand policy influence beyond the U.S., including in the UK and EU. [18]
Reuters reported Coinbase’s goals in the UK include promoting stablecoin payments, tokenized assets in capital markets, and greater tax clarity—issues that align closely with Coinbase’s product direction (especially tokenized stocks). [19]
Fundamentals check: Coinbase’s latest quarterly performance provides context
While today’s coverage is dominated by forward-looking initiatives, investors still anchor to current financial performance—especially because Coinbase’s earnings power tends to swing with market activity and volatility.
In its Q3 2025 shareholder letter (dated Oct. 30, 2025), Coinbase reported (among other figures):
- Total revenue of about $1.9 billion
- Net income of $433 million
- Adjusted EBITDA of $801 million
- Transaction revenue of about $1.0 billion
- Subscription and services revenue of $747 million [20]
The same shareholder materials also included a Q4 framework at the time—such as an estimate of approximately $385 million in October transaction revenue and a range for subscription/services revenue—useful as historical context, though investors will now focus on what December’s crypto environment implies for actual Q4 results. [21]
The near-term bull case for COIN: more markets, more products, more “share of wallet”
The optimistic case being outlined in today’s coverage is straightforward:
- More assets to trade means more potential activity per user, not limited to crypto cycles. [22]
- Prediction markets could become a high-engagement product category if regulators allow scale, and if Coinbase can integrate it seamlessly inside its existing platform. [23]
- Tokenization is framed as a structural shift: if tokenized equities and other real-world assets gain regulatory acceptance, Coinbase could be positioned as a mainstream gateway to “onchain finance,” not just spot crypto trading. [24]
In a Bloomberg-cited presentation excerpt carried by InvestmentNews, Coinbase CEO Brian Armstrong summarized the positioning bluntly: Coinbase aims to be “the best place to trade every asset, not just crypto.” [25]
The bear case and risks: regulation, competition, and crypto correlation still dominate
Even with new products, Coinbase remains exposed to several high-impact risks:
- Event contracts regulation could tighten or fragment. Reuters highlighted the risk of inconsistent state-level approaches even as industry players argue for federal oversight. [26]
- Stock trading economics may be thinner than crypto. Zero-commission trading typically monetizes through payment-for-order-flow alternatives, spreads, subscriptions, and cross-sell—areas where incumbent brokerages are already battle-tested. [27]
- Crypto price correlation is still real. With bitcoin still a key driver of retail sentiment and trading volumes, Coinbase’s financial results can remain highly sensitive to crypto market swings even if new products launch smoothly.
- Execution risk is substantial. Rolling out multiple new lines at once—stocks, prediction markets, tokenization infrastructure, and AI tooling—raises the odds of delays, regulatory friction, or cost overruns.
What to watch next: catalysts for Coinbase stock into early 2026
If you’re tracking Coinbase stock (COIN) after today’s news cycle, these are the practical “next signals” that could matter most:
- Pace of the U.S. stock-trading rollout and whether Coinbase can attract meaningful equity volume (not just enable the feature). [28]
- Regulatory clarity for prediction markets/event contracts, particularly how disputes between federal and state interpretations evolve. [29]
- Concrete milestones for tokenized equities, including the promised “Tokenize” platform updates and any regulatory frameworks that support tokenized stocks at scale. [30]
- Crypto market structure progress in Washington, including whether broader legislation advances in “early 2026,” as Reuters reported. [31]
- International policy outcomes, especially in the UK/EU, as Coinbase expands its lobbying and advisory footprint with George Osborne chairing its council. [32]
Bottom line
On December 18, 2025, Coinbase stock is being traded less like a pure-play crypto exchange and more like a fintech platform trying to graduate into a multi-asset “super app”—with stocks, prediction markets, AI guidance, and tokenization all in the mix.
The market opportunity is enormous, which helps explain why several analysts are publishing aggressive upside targets. But the path forward depends on execution and regulation—two areas where outcomes can change quickly and dramatically.
References
1. www.coinbase.com, 2. www.coinbase.com, 3. www.coinbase.com, 4. www.reuters.com, 5. www.coinbase.com, 6. www.coinbase.com, 7. www.coinbase.com, 8. www.reuters.com, 9. www.investing.com, 10. www.investing.com, 11. www.investopedia.com, 12. www.investing.com, 13. www.gurufocus.com, 14. www.nasdaq.com, 15. www.marketbeat.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. investor.coinbase.com, 21. investor.coinbase.com, 22. www.coinbase.com, 23. www.coinbase.com, 24. www.coinbase.com, 25. www.investmentnews.com, 26. www.reuters.com, 27. www.coinbase.com, 28. www.coinbase.com, 29. www.reuters.com, 30. www.coinbase.com, 31. www.reuters.com, 32. www.reuters.com
