Crypto market turbulence has knocked the wind out of Coinbase’s sails — and Wall Street is downgrading its expectations ahead of the exchange’s upcoming earnings. Shares of COIN plunged roughly 8% from Wednesday’s open and were trading around $149 a share at the time of reporting, leaving the stock down about 34% year-to-date, according to Yahoo Finance. “Obviously been a bit of a bloodbath,” Argus Research analyst Kevin Heale told Decrypt, adding he’s watching whether retail and leveraged traders will return to the market. Unusually, Coinbase asked analysts to submit questions ahead of its earnings call on Thursday — a request Heale said was a first for companies he covers. Coinbase did not immediately respond to a request for comment. While not unprecedented, asking for pre-submitted questions can help management prepare fuller answers, manage time, and limit off-the-cuff remarks that could move markets or create disclosure risks. The bearish tone from analysts follows a broader crypto pullback. Coinbase had beat Q3 estimates in October, reporting more than $1 billion in transaction revenue, but a recent drawdown in crypto prices and trading activity has damped optimism. On Tuesday, JPMorgan trimmed its price target for Coinbase, citing lower trading volumes, a Q4 decline in total crypto market capitalization, and falling USDC circulation. The bank kept an overweight rating but cut its Dec. 2026 price target to $290 from $399. JPMorgan also flagged intensifying competition as a material risk: global crypto spot trading is highly fragmented, and a growing number of exchanges threaten Coinbase’s market share — especially as more rivals pursue public listings. “If Coinbase were to lose market share, the stock would underperform,” the analysts wrote. Other firms followed suit. Cantor Fitzgerald lowered its COIN target from $277 to $221 while maintaining an overweight view, and Citi trimmed its target from $505 to $400 but kept a buy rating. The competitive landscape is shifting: OKX and Kraken have signaled U.S. listing plans, and Gemini completed a $4.4 billion Nasdaq debut in September. The macro picture hasn’t helped. Bitcoin has fallen about 27% over the past month to roughly $66,853, with major altcoins such as Ethereum and XRP suffering even steeper drops. Bitcoin sits about 47% below its peak above $126,000 set last October. Coinbase is set to report Q4 2025 results after the market closes on Thursday — an earnings print analysts and investors will be watching closely for signs of whether trading volumes and revenue can stabilize amid a more crowded exchange landscape. Read more AI-generated news on: undefined/news