Goldman Sachs analysts upgraded Coinbase to “Buy” from “Neutral” on Monday, arguing that products unveiled by the exchange last month are making it more competitive.
Although Coinbase’s recent embrace of prediction markets showcased efforts to expand into growth areas, the analysts, led by James Yaro, described the addition of services already offered by some of Coinbase’s competitors as among the most significant.
“COIN’s recent new products across traditional brokerage, digital consumer and business banking, digital wealth, and tokenization make it substantially more competitive against neo brokers who already offer the full suite of traditional and crypto products,” the analysts wrote.
In terms of annual revenue through 2027, the analysts forecast a compound annual growth rate of 12% for Coinbase compared to 8% for its peers. They added that Coinbase’s growing exposure to infrastructure businesses could make its earnings less volatile.
The analysts attributed above-average revenue growth to Coinbase’s scale and brand recognition, noting that it has around 9.5 million monthly transacting users. At the same time, Coinbase accounted for 5% of total global spot crypto trading volume in 2025.
“We see an attractive entry point for COIN, and higher valuation over time as it shifts from cyclical to structural growth.” the analysts added.
Aside from Coinbase, the analysts signaled that they remain positive on Robinhood, Interactive Brokers, and Figure Technologies as crypto-related firms. They downgraded eToro to “Neutral” from “Buy,” while lowering their price target to $39 from $48.
