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H.C. Wainwright Turns Bullish on Coinbase, Double Upgrades to Buy With $425 Target
The investment bank reversed its bearish call on Coinbase, citing renewed crypto momentum and potential U.S. regulatory breakthroughs.
Updated Oct 31, 2025, 1:42 p.m. Published Oct 31, 2025, 12:21 p.m.
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What to know:
- H.C. Wainwright upgraded Coinbase to buy from sell before the exchange reported third-quarter results on Thursday.
- The bank raised its price target to $425 from $300 and said it expected crypto prices and institutional demand to boost results.
- A solid earnings report and potential regulatory wins could drive further upside, the report said.
Investment bank H.C. Wainwright upgraded Coinbase (COIN) to buy from sell and raised its price target on the shares to $425 from $300 before the crypto exchange reported third-quarter earnings on Thursday.
The investment bank said its outlook for crypto prices had turned bullish as seasonal strength and growing institutional demand aligned with favorable regulatory momentum.
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Coinbase posted better-than-expected results driven by a surge in trading activity, a rebound in asset prices and continued growth in its subscription and services business. Total revenue of $1.9 billion beat the $1.8 billion expected by FactSet analysts.
Coinbase shares were 0.6% lower in early trading, around $318.50.
H.C. Wainwright noted that despite the U.S. government shutdown, it sees a high likelihood that market structure legislation will pass the Senate by year-end. Such progress, the bank said, could serve as a major catalyst for Coinbase shares.
The analysts said they expected Coinbase to post stronger-than-expected results, with upside to consensus revenue forecasts driven by higher subscription and services income, improved retail trading spreads and contributions from the August acquisition of Deribit.
For 2025, the analysts now see total revenue of $7.4 billion, up from $7.1 billion previously, with adjusted EPS rising to $4.99 from $4.45. The higher $425 share price target reflects a 13.1x enterprise value-to-revenue multiple applied to its 2026 estimate of $9.1 billion.
The bank cautioned that risks include Coinbase’s reliance on retail trading, volatility in crypto asset values, shifting regulation and competition within the digital asset ecosystem.
Read more: Analysts Expect Strong Q3 for Coinbase But Disagree Sharply on Its Future
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
What to know:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
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