Coinbase Global (COIN)
Recap: Q1 2026
Call Confirms the Cyclical Reset; 2026 Adjusted-OpEx Framework of $4.3–4.6B is the New Anchor — Maintaining Hold
Flashcap: Q1 2026
Double Miss, $(1.49) GAAP Loss, and a Q2 S&S Guide Below Consensus — The Q4 Hold Caution Was the Right Call; Maintaining
Recap: Q4 2025
Diversification Confirms, Cycle Bites, and the Everything Exchange Buys Time — Maintaining Hold.
Recap: Q3 2025
Everything Exchange Builds, Deribit Lands, USDC Compounds — but Circle Marks and an October Fade Pull Us Back to Hold from Outperform.
Recap: Q2 2025
Cyclical Trough, Structural Inflection — GENIUS Act, Deribit, US Perps, and a July Restart Reframe the Multi-Year Setup; Upgrading to Outperform
Recap: Q1 2025
Subscription Engine Hits a Record, Transaction Line Slips Mid-Cycle, $2.9B Deribit Deal Resets the Derivatives Footprint — Initiating Coverage at Hold