COIN US · Coinbase Global, Inc. Class AMW GOBLIN RESEARCH
Coinbase: Monetization Recovery Takes Priority over Market Share
Analysis date
Published
The assessment as of 2026-10-23 is neutral. A rerating at USD 171.33 requires a recovery in transaction revenue and improved profit after deducting USDC reward costs. Market share gains alone are insufficient to establish undervaluation.
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- Trading market share gains must translate into higher profit
- The key to USDC growth is net earnings, not balances