Benchmark Slashes Coinbase Q2 Revenue Estimate to $1.38B, But Sees Clarity Act as Bigger Catalyst
COIN sits 22% above its 52-week low of $139.18 on light trading volume (0.3× avg).
Summary
Benchmark cut its Q2 revenue estimate for Coinbase to $1.38B from $1.51B, citing a 28% drop in spot trading volume and a 13% decline in crypto market cap. Full-year 2026 revenue was also trimmed to $6B from $6.33B. Despite the cuts, the firm kept its Buy rating and $270 price target, arguing the Clarity Act's potential passage could outweigh a weak quarter. The legislation cleared a key hurdle yesterday when President Trump signed off on ethics language, moving it closer to enactment. Coinbase, as a major U.S. exchange, stands to benefit significantly from regulatory clarity. The stock was down 2% on the day, reflecting the soft trading environment, but the analyst sees the regulatory catalyst as underpriced. Q2 earnings are due next week, which will confirm whether June's spot volume recovery above $1 trillion softened the blow.
At the time of this announcement, COIN was trading at $169.67 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $44.7B. The 52-week trading range was $139.18 to $420.98. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: The Block.