Goldman's Bullish Call on COIN: Can It Break Through $196?
COIN is trading at $180.87 on Binance's tokenized market, about 7.7% below Goldman Sachs' freshly raised target of $196.
The stock has two competing narratives: one hand, Coinbase's back-to-back quarterly disasters - Q1 revenue down 30.5% YoY and Q2 revenue down 18.5% YoY, a net GAAP loss of $1.36 per share in Q2 versus analyst expectations of -$0.23.
On the other hand, Goldman Sachs raised its price target to $196 from $173 just this past week, after the stock had already ripped 28% in five sessions.
Golman's analyst James Yaro is essentially saying: look past the Q2 wreckage, look at the structural story. Coinbase captured over 10% of global crypto trading volume for the first time in Q2, market share that climbed steadily from 5.6% in Q3 2025 to 9.1% in Q1 2026 and past 10% in Q2.
The stablecoin and subscription segments - nearly 50% of Q2 revenue - are the real institutional thesis here. Crypto-backed mortgages, derivatives expansion, prediction markets: Coinbase is methodically reducing its dependence on volatile spot trading fees.