BTIG reiterates Coinbase at Buy with $240 price target, citing institutional growth runway

Coinbase official logo (public domain, Wikimedia Commons) — CryptoBriefing brand treatment

The analyst firm sees nearly 40% upside from current levels as Coinbase's institutional business matures into a multi-phase platform play.

by Editorial Team

Wed 16 Sep 2026 · 10:24 EDT 2 min read

In Finance

Coinbase Global, Inc. (COIN) price

Full chart and stats

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Last close: $162
Close-to-close change: +0.8%
Market cap: $42.8B (shares as of 2026-06-30)
P/E (trailing): Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue: $7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth: +9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income: 1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin: 20.0% (FY ended 2025-12-31)
Forward P/E: Unavailable: no dated forecast source

Gloria daily close for session Oct 28, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 28, 2026 · tokenized COINx	$162	$42.8B	Not meaningfulLoss, diluted EPS −3.79 to 2026-06-30 · SEC filing	Unavailable	$7.2BFY ended 2025-12-31 · 10-K	+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K	20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 28, 2026 · tokenized MSTRx	$145	Unavailable	Not meaningfulLoss, diluted EPS −96.98 to 2026-06-30 · SEC filing	Unavailable	$477.2MFY ended 2025-12-31 · 10-K	+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K	−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 28, 2026 · tokenized CRCLx	$82	Unavailable	16.4	Unavailable	$2.7BFY ended 2025-12-31 · 10-K	+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−69,508,000FY ended 2025-12-31, attributable to the company · 10-K	−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 28, 2026 · tokenized BMNRx	$22	$13.3B	Not meaningfulLoss, diluted EPS −4.50 to 2026-05-31 · SEC filing	Unavailable	$6.1MFY ended 2025-08-31 · 10-K	+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K	348,577,000FY ended 2025-08-31, attributable to the company · 10-K	7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 28, 2026, 4:41 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

BTIG Research is sticking with its bullish call on Coinbase, reiterating a Buy rating and $240 price target even as the stock trades roughly 40% below that level. Analyst Andrew Harte reaffirmed the thesis on September 16, following a sit-down with Brett Tejpaul, Co-CEO of Coinbase Institutional, who laid out a roadmap that extends well beyond simple crypto trading.

With COIN hovering around $172, the gap between the current price and BTIG’s target is wide enough to raise eyebrows.

The institutional playbook

Tejpaul shared a three-phase strategy for Coinbase’s institutional arm during the meeting with BTIG. Phase one focuses on building out a core institutional platform. Phase two expands into payment services and stablecoins. Phase three ventures into tokenized assets and continuous markets.

The institutional segment currently contributes approximately 20% of Coinbase’s total revenue. Coinbase’s last twelve months of revenue stood at $6.04 billion with an 85.8% gross margin.

Why the target dropped from $260

Back on July 31, Harte lowered the price target from $260 to $240 while keeping the Buy rating intact. The reason: a tough second quarter defined by a 25% decline in crypto spot trading volumes on a quarter-over-quarter basis. Results were described as the weakest in two years.

BTIG’s read was that much of the weakness had already been anticipated by the market. The firm pointed to ongoing market-share gains and platform diversification as reasons to stay constructive.

Where Wall Street stands

The consensus price target across 33 analysts covering Coinbase sits at approximately $220, with 18 of those analysts rating the stock a Buy. That consensus target still implies roughly 28% upside from the $172 trading level.

Coinbase went public in April 2021 at a reference price of $250.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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