Crypto Exchanges
By Sakamoto Nashi
1 / 15
JPMorgan Cuts Target, Analysts Trim Forecasts Across the Board. JPMorgan recently slashed its price target on Coinbase from $283 down to $196.
2 / 15
Deribit Deal, Clarity Act, and the Diversification Bet. Coinbase's acquisition of Deribit was meant to beef up the company's derivatives business.
3 / 15
What the Earnings Call Actually Needs to Deliver. The numbers are probably going to be soft. Most people already know that.
4 / 15
Wall Street isn't feeling great about Coinbase right now. The company reports Q2 earnings today, July 30, and the numbers analysts are penciling in don't look pretty — roughly $1.
5 / 15
Barclays put Q2 trading volume at around $152 billion. That's well below the broader Street consensus sitting near $178 billion.
6 / 15
JPMorgan recently slashed its price target on Coinbase from $283 down to $196. The bank pointed to weaker trading activity and uncertainty around Coinbase's USDC revenue-sharing…
7 / 15
Citi dropped its target too, moving from $400 to $235, but kept a Buy rating. The logic there is basically that if trading picks up and regulatory clarity arrives, Coinbase…
8 / 15
Subscription and services revenue is one of the cleaner spots in the quarter. Analysts expect that segment to generate around $601 million — right in line with management's own…
9 / 15
See also: Gumi and SBI Launch ¥3 Billion Crypto Fund Targeting Bitcoin and Major Altcoins
10 / 15
Armstrong is also pushing hard for the Clarity Act, a legislative proposal that would split crypto oversight between the SEC and CFTC.
11 / 15
Piper Sandler flagged something interesting: prediction markets and perpetual futures could be bigger than people think, partly fueled by World Cup activity.
12 / 15
Bitcoin and Ethereum did hit some highs earlier in the year, which sounds good — but those moves actually dampened retail participation rather than boosting it.
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The numbers are probably going to be soft. Most people already know that. What investors actually want from the call is forward guidance — what does trading demand look like…
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See also: Stablecoins Dominate as Brazils Crypto Transfers Face New Restrictions
15 / 15
William Blair thinks recovery comes in the latter part of 2026. That's the bull case. The bear case is that regulatory delays drag on, trading stays muted, and Coinbase's…
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