From Financial Modeling Prep: 2025-05-12 11:51:00

Compass Point upgraded Coinbase Global (NASDAQ:COIN) from Sell to Neutral, anticipating a potential retail trading rebound driven by increasing altcoin prices. Shares surged over 5% intraday. Recent data suggests Coinbase may reach just $1 billion in annualized EBITDA, but analysts foresee a seasonal uptick in altcoin activity, known as a mini “Alt Season.”

Coinbase’s fundamentals are diverging from Bitcoin’s performance, with COIN shares down 20% YTD despite Bitcoin’s 10% gain. The company’s business is now more influenced by altcoin movements, impacting trading volumes and USDC supply. A summer altcoin rally could offer short-term support, but structural challenges persist, such as price stagnation post-major exchange listings.



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