Coinbase Has Lost 56% in a Year: Citizens JMP Sees 63% Upside

Citizens reduced its price target for Coinbase (COIN) to $280 from $325, citing valuation concerns, while maintaining a Market Outperform rating. The stock is down 24% year-to-date and 56% over the past year. Coinbase reported $6.04 billion in revenue over the last twelve months, a 9% year-over-year decline, but maintains an 86% gross profit margin. Analysts from BTIG, Barclays, and BofA Securities also updated their ratings and price targets for Coinbase.

Morgan Stanley raised its price target for Coinbase Global to $258 from $250. The adjustment comes amid market fluctuations, with Coinbase's stock trading at $172.00, down 3.61% in pre-market. The change reflects the firm's updated outlook on the company's valuation and potential.

Between October 6-8, 2026, five infrastructure layers for institutional stablecoins were completed, forming a stack to comply with the GENIUS Act. The reserve layer includes JPMorgan's JLTXX ($733.7M AUM) and BlackRock's BSTBL ($6.1B parent fund), with a 40% concentration limit. SAP integrated USDC and EURC into its ERP software, while Moody's and S&P provided stablecoin protocol ratings.

Citi and Coinbase expanded their partnership to integrate stablecoin payments into Citi's $6 trillion payment network. Merchants can accept stablecoins via Spring by Citi, with Coinbase handling conversions. Citi absorbs conversion risk, and merchants receive fiat. Coinbase offers a 3.75% yield on stablecoin balances, not FDIC-insured. The collaboration aims to streamline stablecoin adoption for institutional clients, leveraging existing regulatory frameworks.

OKXICE, a joint venture between OKX and Intercontinental Exchange (ICE), plans to list tokenized versions of 63 U.S. stocks, including Nvidia, Tesla, and Apple, on a blockchain platform. The SEC's new 'innovation exemption' allows this trading, with a 0.25% daily volume cap per stock. Trading may begin as early as November, pending no objections from listed companies. Tokenized stocks will trade 24/7, but liquidity and price accuracy may vary, especially during weekends.

Coinbase has integrated Deribit, allowing US institutions to access its global crypto derivatives markets. The move, enabled by CFTC guidance, combines Coinbase's international derivatives business with Deribit. US institutional clients can now trade options and perpetual futures through Coinbase Prime and Coinbase Financial Markets, with US retail access expected later this year.