Share this article
Coinbase Bear Thesis Is ‘Way Overblown,’ Oppenheimer Says
At least one bank analyst says COIN’s sagging stock price is an opportunity to buy the dip.
Updated May 11, 2023, 7:17 p.m. Published Apr 18, 2022, 3:46 p.m.
The bearish outlook against Coinbase (COIN) is “way overblown,” Oppenheimer equity analyst Owen Lau told clients in a Monday research note.
- Bearish points towards Coinbase, the Oppenheimer note says, include the notion that the crypto exchange is facing higher competition and fee compression, that its stock is being overvalued and that a lack of profitability this year is cause for concern.
- Oppenheimer noted that the longer-term trend of crypto adoption is overlooked by the bears. Meanwhile, on profitability, Lau said Coinbase can reduce its investment plans under a “material slowdown” scenario.
- The analyst sees pending positives from global expansion, derivatives trading and the launch of Coinbase’s non-fungible token (NFT) segment.
- Lau maintained an “outperform” recommendation but lowered Oppenheimer’s COIN price target from $377 to $314.
- Goldman Sachs recently said it sees Coinbase posting total Q1 trading volumes of $302 billion, a sizable decline from $547 billion in Q4.
- COIN is trading hands at $142 at press time.
Read more: Coinbase’s NFT Strategy Questioned by Mizuho Analyst
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
Top Stories
