Coinbase Stock Plunges Ahead of Q2 Earnings Report

Coinbase's stock price fell by more than 4% to around $159.89 ahead of its Q2 earnings report on July 30. Analysts expect Coinbase to post an EPS of $0.15 and revenue of about $1.31 billion.

Rosenblatt Securities has maintained a Buy rating and a $240 price target for Coinbase, citing the company's expansion into derivatives, prediction markets, and stablecoin infrastructure as key growth drivers.

Coinbase is working to reduce its reliance on crypto trading fees by diversifying its revenue streams. The company is building an 'Everything Exchange' strategy that includes prediction markets, derivatives clearing, and stablecoin infrastructure.