Goldman Sachs has upgraded Coinbase Global to a “buy” rating from “neutral,” arguing that the company has moved beyond cyclical trading-driven performance and into a phase of more durable, structural growth.
The investment bank also raised its 12-month price target to $303 per share, up from $294, implying around 28% upside from Friday’s close. Following the report, Coinbase shares were trading more than 7% higher in early Monday trading.
From Trading Fees to Structural Revenue
Goldman’s upgrade reflects growing confidence that Coinbase is no longer overly dependent on volatile spot trading volumes. Analyst James Yaro pointed to expanding exposure across derivatives, crypto infrastructure, and new product verticals as key drivers behind the improved outlook.
According to the note, these businesses position Coinbase to benefit from broader crypto adoption trends rather than short-term market speculation.
Subscription and Services Now a Core Pillar
A major factor behind the bullish shift is Coinbase’s subscription and services segment, which includes custody, stablecoins such as USDC, and staking-related offerings. Goldman highlighted that this segment has grown from under 5% of revenue in 2020 to nearly 40% by 2025 estimates, significantly improving revenue stability and visibility.
This diversification reduces earnings volatility and supports higher-quality, more predictable cash flows compared with pure transaction-based models.
Building an “Everything Exchange”
Goldman also cited Coinbase’s recent U.S. stock trading launch in mid-December 2025 as a strategic milestone. The move supports management’s ambition to evolve into an “everything exchange,” offering crypto, traditional equities, and tokenized financial products within a single platform.
The bank believes initiatives around tokenization and prediction markets further strengthen Coinbase’s long-term positioning as crypto infrastructure converges with traditional finance.
Best-in-Class Crypto Infrastructure Play
In its peer analysis, Goldman described Coinbase as a “best-in-class play” on the growth of crypto infrastructure, citing its scale, regulatory positioning, and brand strength. These advantages are expected to drive above-average revenue growth and market share gains over time.
In contrast, Goldman downgraded eToro to “neutral,” warning that rising competition could push customer acquisition costs higher and pressure margins.
Overall, the report signals a broader shift in how major Wall Street firms value Coinbase—not just as a crypto exchange, but as a foundational financial platform for the next phase of digital asset markets.
