Coinbase stock at risk ahead of earnings as Robinhood’s crypto revenue dip

Coinbase stock price retreated by over 5% on Wednesday as traders and investors remained pessimistic about its business ahead of its fourth-quarter earnings report.

Wall Street pros are turning bearish on Coinbase

Coinbase, the biggest crypto exchange in the U.S., dropped to $154, down sharply from its 2025 high of $445. This crash has erased billions of dollars in value, with the valuation dropping from close to $100 billion to $41 billion.

The stock retreated as Wall Street analysts scaled down their target amid the ongoing crypto market crash. JPMorgan reduced its target from $399 to $290, while maintaining the overweight rating. Cantor Fitzgerald also reduced the stock target to $221 from $277, while Citigroup cut from $500 to $400. 

The most bearish analyst is Ed Engel of Compass Point, who lowered the target from $230 to $190, while maintaining a sell rating.

Coinbase stock also retreated after Robinhood’s stock price plunged by over 10% after releasing its results on Tuesday. A key reason for its weak financial results was that its closely-watched crypto revenue dropped by over 38% in the fourth quarter. It has grown by triple digits in the previous quarters.

Therefore, there is a likelihood that Coinbase will also publish weak financial results after the market closes on Wednesday. Third-party data shows that Coinbase’s retail transaction volume dropped by 15% as Bitcoin (BTC) and other altcoins dropped. This is notable as the transaction revenue is the biggest part of its business.

Wall Street analysts expect Coinbase’s revenue to come in at $1.84 billion, down 78% from the same period in 2024. This decline will occur despite revenue from Deribit, a company it acquired last year. If this estimate is accurate, then its annual revenue will drop by 19.1% to $7.24 billion.

Worse, Coinbase will likely experience another weak first quarter because of the ongoing crypto market crash, with Bitcoin moving to $67,000 today and crypto ETF outflows continue. These factors likely explain why Cathie Wood’s Ark Invest has dumped the stock.

Coinbase stock price technical 

The weekly timeframe chart shows that the COIN stock price has crashed in the past few months, dropping from the all-time high of $445 in July 2025 to the current $153.

It has dropped below the 61.8% Fibonacci Retracement level at $190. Most importantly, the stock has dropped to key support, where it has failed to move below twice since 2024.

Coinbase share price has also dropped below the 50-week and 100-week Exponential Moving Averages and the weak, stop & reverse level of the Murrey Math Lines tool.

A drop below the key support level at $143 will confirm the bearish outlook and point to more downside, potentially to the 78.6% retracement level at $120.