Summary
- Goldman Sachs upgraded its investment rating on Coinbase from 'Neutral' to 'Buy' and set a target price of $303.
- Goldman Sachs highlighted Coinbase's shift toward a structural virtual asset business portfolio and said this segment could be a medium- to long-term growth driver.
- However, the bank pointed to intensifying competition and interest-rate sensitivity as key variables and said overall profitability may be more likely to stagnate than to improve sharply.
U.S. investment bank Goldman Sachs has upgraded its investment rating on virtual asset (cryptocurrency) exchange Coinbase (ticker: COIN) from 'Neutral' to 'Buy'.
On the 5th (local time), The Block reported that Goldman Sachs said in its 2026 sector outlook report, "We are upgrading our investment rating on Coinbase from Neutral to Buy. The target price is $303." This implies roughly 34% upside from the recent low of $225.
However, the bank used the phrase "selectively constructive" rather than taking an overall optimistic stance on the virtual asset sector, emphasizing differentiation across individual names.
The report identified intensifying competition and interest-rate sensitivity as key variables. Goldman Sachs analyzed that, in this environment, Coinbase's profitability metric representing its underlying operating strength in 2026 (adjusted EBITDA margin) is more likely to stagnate than to improve sharply. It also noted that operators unable to move beyond a trading-fee–centric structure could face profitability pressure.
Nevertheless, the assessment of Coinbase was relatively positive. Goldman Sachs said, "Coinbase is expanding its business portfolio beyond simple spot trading into so-called 'structural' virtual asset businesses such as custody, staking, and subscription services." The report noted that the revenue share of that segment is currently around 40%, which compared with less than 5% five years ago represents a structural change.
These business lines were cited as a medium- to long-term growth driver because they have lower volatility than spot trading and could benefit if integration with regulated finance expands. Indeed, after the report was released, Coinbase shares rose about 7.5% in one day as Bitcoin recovered to the $94,000 level, bringing the stock one step closer to the target price.
