Catenaa, Thursday, January 08, 2026-Goldman Sachs upgraded Coinbase to a Buy rating from Neutral, citing recent product launches and a growing mix of infrastructure revenue that could boost long-term growth despite near-term margin pressure from competition and interest-rate sensitivity.
The bank set a $303 price target, implying roughly 34% upside from recent lows near $225.
Goldman highlighted Coinbase’s expansion into “structural” crypto services, including custody, staking, and subscriptions, now generating about 40% of revenue, up from under 5% five years ago.
These lines are considered less volatile than spot trading and better positioned for broader mainstream adoption.
The upgrade also reflects Coinbase’s December launches of U.S. equities trading, prediction markets, derivatives, and expanded banking services.
Goldman views prediction markets and tokenization as potentially large markets over time, but stressed that scale and liquidity will be key advantages for platforms with existing user bases like Coinbase.
Near-term profitability remains under pressure as traditional brokers add crypto services and crypto-native firms expand into stocks, banking, and payments, driving up customer acquisition costs. Goldman expects adjusted EBITDA margins to remain flat in 2026 amid these challenges.
The bank also warned that regulatory developments, including a potential U.S. crypto market structure bill, will influence Coinbase’s longer-term upside. Coinbase shares rose about 7.5% Monday as bitcoin climbed above $94,000, moving closer to Goldman’s price target.
