Goldman Sachs Sets COIN Target at $235 — Here’s Why Coinbase Could Surge 30% From Current Levels

2 hours ago 1

Joel South

Thu, March 26, 2026 astatine 9:22 AM CDT 4 min read

Coinbase (COIN) generated $5.2 trillion successful full-year 2025 trading volume, up 156% twelvemonth implicit year, with 12 products each exceeding $100 cardinal successful annualized revenue, including $17.8 cardinal successful mean USDC held and $364 cardinal successful Q4 stablecoin revenue. The Deribit acquisition made Coinbase the planetary person successful crypto derivatives, with organization transaction gross increasing 37% twelvemonth implicit year.
Goldman Sachs reaffirmed its Buy standing and trimmed its terms people to $235 from $270, implying astir 30% upside from existent levels, betting connected crypto marketplace stabilization, USDC adoption acceleration, and Deribit’s organization derivatives momentum sustaining growth.
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Coinbase Global (NASDAQ:COIN) has had a unsmooth stretch. Shares are down astir 20% year-to-date, trading astatine $177.82 connected Thursday, March 26, down importantly from their 52-week precocious of $444.64.

The broader crypto analyzable has dropped 46% since its October 2025 peak, and the Street statement people sits astatine $252.24. Goldman Sachs reaffirmed its Buy standing portion trimming its terms people to $235 from $270, implying astir 30% upside from existent levels. But tin COIN realistically scope $235 by extremity of 2026?

Goldman acknowledges that crypto stocks person shown volatile but mostly level show recently, reflecting capitalist uncertainty astir the sector's outlook. Despite that, the steadfast argues that prime digital-asset-sensitive names contiguous progressively charismatic introduction points. The lawsuit rests connected Coinbase's structural enlargement beyond spot trading: full-year 2025 full trading measurement deed $5.2 trillion, up 156% twelvemonth implicit year, portion the institution present generates gross from 12 products each exceeding $100 cardinal successful annualized revenue.

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Derivatives enactment via Deribit. The Deribit acquisition closed Aug. 14, 2025, making Coinbase the planetary person successful crypto derivatives by unfastened involvement and options volume. Institutional transaction gross grew 37% twelvemonth implicit twelvemonth successful Q4, and Deribit posted all-time precocious gross that quarter, providing a durable, little cyclical gross watercourse that diversifies Coinbase's net base.
Stablecoin ecosystem growth. Average USDC held successful Coinbase products reached an all-time precocious of $17.8 cardinal successful Q4, up 18% sequentially, against a USDC marketplace headdress of $76.2 billion. Stablecoin gross of $364 cardinal successful Q4 represents recurring, interest-like income that contributes to net stability.
Regulatory clarity arsenic a structural tailwind. The SEC suit was dismissed with prejudice, MiCA licensing secured successful Europe, and the White House issued a Strategic Bitcoin Reserve enforcement order. As CEO Brian Armstrong stated, "As regulatory clarity emerges, we judge crypto volition update each fiscal services, and Coinbase is good positioned to capitalize connected that transition."