Citizens Reaffirms Market Outperform Rating on Coinbase Despite Disappointing Q2 Results

Citizens reaffirmed its Market Outperform rating on Coinbase stock (NASDAQ:COIN) despite the company's second-quarter 2026 results coming in short of expectations.

Total revenue of $1.220 billion fell shy of Citizens' estimate of $1.275 billion and consensus of $1.293 billion, while adjusted EBITDA of $208 million was lower than the estimated $320 million and consensus of $322 million.

Citizens noted that expenses were below the midpoint of management's range across all guided categories, with cost savings generated from a May headcount reduction and related efficiency measures.