Shares of Coinbase Global Inc. (COIN), the largest publicly traded U.S. cryptocurrency exchange, fell further this week amid a broader crypto market downturn, insider selling, and bearish analyst revisions. The stock opened Thursday around $153, down nearly 10% from intra-week highs and roughly 34% year-to-date.
The cooling of crypto markets after last year’s rally is the primary headwind. Bitcoin has fallen about 30% over the past month, while major altcoins posted even steeper losses, reducing trading volumes across the sector and squeezing one of Coinbase’s core revenue drivers.
Analysts Turn Bearish on Coinbase
Monness Crespi & Hardt downgraded COIN from 'buy' to 'neutral,' citing downside risk from weakening crypto market conditions. The firm set a price target of $120, implying more than 20% downside from recent levels. JPMorgan cut its Coinbase price target by 27%, pointing to lower spot trading volumes, declining crypto market cap, and weakening stablecoin activity, including softer USDC circulation. 'We view global crypto spot trading as highly fragmented, with dozens of smaller players threatening Coinbase’s market share,' JPMorgan analysts wrote, warning that Coinbase could lose its 'regulated monopoly' status.
Other firms also adjusted their outlooks. Cantor Fitzgerald reduced its target from $277 to $221 but maintained an overweight rating. Citi trimmed from $505 to $400 with a buy stance. The consensus rating is 'Moderate Buy,' with 19 analysts rating buy, 12 hold, 1 sell. The average price target stands near $332.
CEO Brian Armstrong Dumps Shares
VanEck’s head of digital assets research Matthew Sigel reported that Coinbase CEO Brian Armstrong sold more than 1.5 million shares between April 2025 and January 2026, worth approximately $545 million based on Bloomberg data. The largest single sale occurred on June 25, when Armstrong disposed of 336,265 shares at roughly $355 per share.
Armstrong responded on X, defending his selling as a diversification move: 'It would be a little crazy after 13 years, to have 99.999% of your net worth in one stock.' He added that he remains 'super long' on Coinbase and used proceeds to start new companies. H.C. Wainwright analyst Mike Colonnese warned that Coinbase could miss on net revenue and adjusted EBITDA due to soft digital asset prices and unrealized crypto losses. He flagged the possibility of a large reported net loss, though he maintained a buy rating, viewing post-earnings weakness as a buying opportunity.
All this unfolds as Bitcoin price extended its steep decline today after a multi-month slide that erased more than half its value from October peak. Bitcoin is trading near $66,000 after a sharp sell-off toward $60,000, following a downward trajectory from levels above $100,000 since December 2025. Traders are focused on whether the market has reached a durable floor.