COINBASE STOCK Cutting goal after low performance K1, Deribit Deal praised: analyst

The coin has expanded its global entry in the Cripto derivative production market, but the company’s report in K1 enrolled an analyst of the wall street to revise his goal lower.

In note of clients on Friday, HC Vainvright analyst Mike Colonneze provided a detailed discontinuation of the waiter’s procurement, earnings performance and updated his view of the stock estimate.

Coin for procurement of deribis in the amount of 2.9 B

In the greatest arrangement of crypto M & A, Coin The announced plans for obtain DERIBIT FOR $ 2.9 billion consisting of $ 700 million in cash and 11 million stock stocks of coins. Deribit is the world’s largest CRIPTO exchange with a 75% market share and over 30 billion dollars of open interest.

Mike Colonnese Analysts see the contract as a strong strategic accessory, instantly making coincases leading Global Cripto derivatives platform, and at the same time accelerates its international expansion and re-potential with trading in place and future. Deribit is expected to be gathering profitability, given its consistent positive records of EBITDA records.

K1 2025 Earnings of Earnings

Coins reported $ 2.03 billion revenue in the amount, slightly below expectations, and the scope of trading decreases 10% quarter quarter to $ 393 billion. The retail volume fell 17%, while the institutional volume was reduced by 9%. The transaction revenues came for $ 1.2 billion, down 19% consecutive and short-term consensus.

Despite weak income from transactions, revenue and revenue from services was hit by record 698.1 million dollars, more than 9% of a quarter of excessive quarter, which was guided by strong growth in USDC funds and coinbase ones of subscriptions. Custom EBITDA is $ 929.9 million (47.4% margin), below K4 billion dollars, while EPS-adjusted EPS was $ 1.94, in accordance with consensus.

The price of the goal is revised lower despite clear catalysts for growth

Despite what analyst describes as a “monument” deriby acquisition, the colonesis revised revenues from 2025 and 2026. years down to $ 7.4 billion and $ 9.5 billion, or citing the expected volume from expected expected. He also reduced its adapted EPS forecasts to 5.92 and US $ 12.11, with the aim of price decreased to $ 305 of $ 350. However, the analyst remains optimistic about the long-term appearance of Coinbase, especially as the regulatory environment develops.

“We trust the Corptic Corrupt Corrupt, especially the formal legislation about Stableco’s and market structure, it will be a major repuna for coinbass and accelerates institutional participation in the space”, will write accelerating institutional participation in the space “”

In addition, more than 200 companies, including Blackrock and Paypal, is already relies on the infrastructure of taverns and multi-stable financial institutions, will be considered useful “to seek” Coinbase products and not to build their own.

As such, the “stars are aligned for the extended wiper bullet market in the next 12 to 18 months,” an analyst wrote.