Coinbase stock price has crashed by nearly 50% from its highest level in 2025, erasing billions of dollars in value. Its market cap has dropped from over $90 billion to ~$70 billion today. This article provides a forecast for the stock as Brian Armstrong delivers his key priorities.
Why the Coinbase stock price has crashed
COIN stock price has crashed because of the ongoing crypto market crash that has hit Bitcoin and most altcoins, leading to low volume in the industry.
Bitcoin price has tumbled from an all-time high of $126,300 to the current $88,000, while Ethereum has tumbled from nearly $5,000 to $3,000. As a result, the market capitalization has dropped from over $4.3 trillion to the current $3 trillion.
Centralized and decentralized exchanges’ volume often tumble when there is a crypto crash. For example, data compiled by DeFi Llama shows that the volume handled by decentralized exchanges (DEX) in Ethereum has dropped from $128 billion in August to $49 billion in December.
Similarly, the volume in Solana dropped from $148 billion in October to $104 billion in December last year. Therefore, there is a possibility that the volume in Coinbase continued falling in the fourth quarter.
Transactions are an important part of the company’s business, generating over $1.046 billion in revenue in the third quarter. Its revenue was much higher than the $746 million it made in its other businesses.
Coinbase stock price also tumbled as investors remained concerned about its valuation, which surged earlier in the year. Its price-to-earnings ratio dropped from 70 in June to the current 37. These concerns continued to rise as the company’s growth trajectory slowed.
Additionally, competition in the crypto industry continued to rise. Some notable American companies like SoFi, Charles Schwab, and Vanguard are entering the industry, which may push it to lower its margins over time.
More competition is coming from perpetual exchanges like Lighter, Hyperliquid, Aster, and edgeX. Data shows that the volume of perpetual DEX networks stood at over $998 billion in December, down from $1.38 trillion in October.
Brian Armstrong reveals top priorities
Meanwhile, Brian Armstrong, the company’s CEO, has come up with the three main priorities that the company will focus on this year.
The first priority is to grow the business across other areas like cryptocurrencies, equities, prediction markets, and commodities. It recently launched its predictions market using its collaboration with Kalshi. Also, the company hopes to become a major player in the equities market by launching tokenized stocks.
Here are our top priorities for 2026 at Coinbase: 1) Grow the everything exchange globally (crypto, equities, prediction markets, commodities – across spot, futures, and options) 2) Scale stablecoins and payments 3) Bring the world onchain through @CoinbaseDev, @base chain,
The other priority is to scale its stablecoin and payment solutions, a notable thing as its stablecoin business is one of its most profitable. Its stablecoin revenue rose to $354 million in the third quarter, up from $246 million in Q3’24.
Coinbase also aims to bring the world onchain through the Coinbase Developer Platform, Base Chain, and Base App. Its goal is to make Coinbase the best financial application in the world.
A key catalyst for the Coinbase stock price is the upcoming launch of the BASE token, which will help it monetize its business
Coinbase stock price technical analysis
The daily timeframe chart shows that the COIN stock price has pulled back in the past few months, moving from a high of $402 in October to the current $225. It formed a head-and-shoulders pattern, and has moved below the neckline at $292.
The stock has moved below the 61.8% Fibonacci Retracement level. It also moved below the key support level at $231, its lowest level in November. It has invalidated the double-bottom pattern.
Coinbase share price has formed a death cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) have formed a death cross pattern.
Therefore, the most likely scenario is where the stock continues falling as sellers target the key support level at $200.
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