Coinbase Stock Soars 7% Following Goldman Sachs Upgrade and Bullish Price Target Hike
Wall Street heavyweight flips the script on crypto's public face.
The Upgrade Catalyst
Goldman Sachs shifted its stance, moving Coinbase from a neutral rating to a buy recommendation. The investment bank didn't just change its mind—it slapped a significantly higher price target on the stock, signaling robust confidence in the exchange's trajectory. Analysts pointed to expanding revenue streams and a fortified market position as key drivers.
Market Mechanics in Motion
The upgrade triggered an immediate 7% surge in pre-market trading. Volume spiked as institutional and retail investors recalibrated their positions based on the new outlook. It's a classic case of a major bank's research moving markets—sometimes it feels less like analysis and more like a self-fulfilling prophecy for the well-connected.
Beyond the Single Trade
This isn't just about one stock's pop. The move reflects a broader reassessment of crypto infrastructure plays as legitimate, revenue-generating businesses. When traditional finance titans start validating these models with real dollars and upgraded ratings, the entire sector gets a credibility boost. It’s the institutional stamp of approval that still moves needles, for better or worse.
The climb suggests the street is betting on Coinbase to capture more than just trading fees—think staking, custody, and becoming the regulated gateway for the next wave of digital asset adoption. Just don't ask what happens if the crypto tide goes out again.
Goldman sees growth in Coinbase’s crypto infrastructure business
Yaro believes Coinbase isn’t just a trading platform anymore. He pointed to the company’s subscription and services business, which includes custody, stablecoins, staking, and prime brokerage.
These businesses made up less than 5% of revenue in 2020, but now account for about 40%. He expects that to grow another 13% a year between 2025 and 2027. He said these services aren’t tied to trading volume, which should help lower profit swings.
Yaro called recent Coinbase products more competitive, especially in areas of long-term growth. He said the new offerings add to Coinbase’s Core products, which he also expects to keep growing.
“We are constructive on COIN’s growing exposure to crypto infrastructure businesses through its subscription & services offerings, which should dampen earnings volatility over time,” he wrote.
Goldman’s message was clear: Coinbase is building a more stable and scalable business, even if the market doesn’t see it yet.
At the same time as the stock rose, Coinbase also started pulling back from Argentina. The company emailed users saying it will stop support for USDC and Argentine pesos from January 31st.
After that date, users won’t be able to buy or sell USDC using pesos or send pesos to bank accounts. Coinbase called this a “deliberate pause”, not a full exit. They said crypto-to-crypto trades will still work, and they plan to relaunch later with a better product.
Coinbase had only entered Argentina in 2025, right after winning approval from the country’s National Securities Commission (CNV).
At the time, Coinbase said 5 million people in Argentina were using crypto daily. The country has been a hot crypto zone, thanks to high inflation and strict capital rules. Coinbase saw that as a big opportunity. But for now, they’re dialing it back.
Still, they’re not giving up on the region. Forbes Argentina said Coinbase is staying in touch with local partners. One of them is Ripio, an Argentine exchange that rolled out a peso stablecoin (wARS) last year. Coinbase is also leaning on its Base ecosystem to keep some presence in the country.
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