Baillie Gifford & Co. Grows Stock Position in Coinbase Global, Inc. $COIN

Key Points

• Baillie Gifford increased its stake in Coinbase by 41.1% in Q4 to 829,081 shares (about $187.5M), and institutional investors now own roughly 68.84% of the company.
• Coinbase missed quarterly expectations with $0.66 EPS versus $0.83 expected and $1.78B revenue (down 21.6% YoY), and analysts are mixed—MarketBeat shows a consensus "Hold" and $260.11 target amid multiple downgrades and lower price targets.
• Company insiders sold sizable positions last quarter (CFO Alesia J. Haas sold 364,600 shares), with insiders disposing of 396,745 shares worth about $63.6M in total.

Baillie Gifford & Co. raised its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 41.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 829,081 shares of the cryptocurrency exchange's stock after purchasing an additional 241,659 shares during the period. Baillie Gifford & Co. owned 0.31% of Coinbase Global worth $187,488,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Coinbase Global by 8.3% in the 3rd quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange's stock worth $8,847,905,000 after purchasing an additional 2,007,930 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Coinbase Global in the 3rd quarter worth about $14,491,000. FengHe Fund Management Pte. Ltd. boosted its holdings in shares of Coinbase Global by 119.1% in the 3rd quarter. FengHe Fund Management Pte. Ltd. now owns 69,900 shares of the cryptocurrency exchange's stock worth $23,591,000 after purchasing an additional 38,000 shares in the last quarter. Liontrust Investment Partners LLP boosted its holdings in shares of Coinbase Global by 73.1% in the 2nd quarter. Liontrust Investment Partners LLP now owns 83,058 shares of the cryptocurrency exchange's stock worth $29,111,000 after purchasing an additional 35,068 shares in the last quarter. Finally, Artisan Partners Limited Partnership purchased a new position in shares of Coinbase Global in the 3rd quarter worth about $224,663,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Zacks Research lowered shares of Coinbase Global from a "hold" rating to a "strong sell" rating in a report on Tuesday, February 17th. Monness Crespi & Hardt cut shares of Coinbase Global from a "hold" rating to a "sell" rating in a research report on Monday, February 23rd. Robert W. Baird decreased their target price on shares of Coinbase Global from $215.00 to $200.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 1st. Weiss Ratings reiterated a "hold (c)" rating on shares of Coinbase Global in a research report on Friday, January 9th. Finally, Piper Sandler decreased their target price on shares of Coinbase Global from $270.00 to $150.00 and set a "neutral" rating on the stock in a research report on Friday, February 13th. Nineteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $260.11.

Coinbase Global Stock Performance

Shares of COIN opened at $167.85 on Monday. The stock has a market capitalization of $44.33 billion, a P/E ratio of 38.23, a PEG ratio of 3.73 and a beta of 3.60. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $178.41 and a two-hundred day simple moving average of $245.67. Coinbase Global, Inc. has a twelve month low of $139.36 and a twelve month high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The cryptocurrency exchange reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.17). Coinbase Global had a return on equity of 8.68% and a net margin of 17.55%.The business had revenue of $1.78 billion during the quarter, compared to analysts' expectations of $1.86 billion. During the same quarter last year, the business posted $4.68 EPS. The company's quarterly revenue was down 21.6% compared to the same quarter last year. On average, research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Alesia J. Haas sold 364,600 shares of the firm's stock in a transaction on Friday, February 6th. The stock was sold at an average price of $154.95, for a total transaction of $56,494,770.00. Following the completion of the transaction, the chief financial officer directly owned 402,165 shares in the company, valued at $62,315,466.75. This trade represents a 47.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 2,750 shares of the company's stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $260.09, for a total transaction of $715,247.50. The disclosure for this sale is available in the SEC filing. Insiders have sold 396,745 shares of company stock valued at $63,576,559 in the last quarter. 16.56% of the stock is owned by company insiders.

Key Headlines Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: CEO Brian Armstrong publicly reversed course and now supports passage of the CLARITY Act, reducing a major source of regulatory uncertainty that could improve institutional participation and listings in the U.S. Coinbase CEO backs US Treasury Secretary‘s push to pass CLARITY Act
• Positive Sentiment: Coinbase Australia received an Australian Financial Services Licence (AFSL), enabling crypto and equity perpetuals (and later futures/options) — a clear expansion path to capture fee pools outside the U.S. Coinbase Gains AFSL, Strengthens Australia Expansion Push
• Positive Sentiment: Product/platorm revenue optionality: Coinbase upgraded its x402 protocol to support usage-based AI payments (Upto), enabling gasless, usage-priced flows that can open new developer & payments revenue streams. x402 protocol adds usage-based pricing for AI compute requests
• Positive Sentiment: Asset-management expansion: Coinbase Asset Management co-launched a Bitcoin–tokenized-gold index (Store of Value Index), broadening institutional product offerings. This can boost AUM and fee diversification over time. MarketVector Indexes and Coinbase Asset Management Launch the Coinbase Store of Value Index (COINSOV)
• Positive Sentiment: Broker/analyst moves: Jefferies raised its price target (to $181) and some analysts (e.g., Citizens JMP) remain bullish on COIN despite trimming targets — signaling pockets of confidence among institutional analysts. Jefferies adjusts price target on Coinbase Global to $181
• Neutral Sentiment: Data oddity: reported short interest shows effectively zero days-to-cover — likely a reporting artifact rather than a material flow; monitor for updated filings. (internal short-interest report)
• Neutral Sentiment: Behavioral shift: some retail traders are migrating to prediction/derivatives venues (Kalshi/Polymarket), which could change retail order flow patterns but isn’t an immediate revenue read. Coinbase's retail traders haven't left the market
• Negative Sentiment: Analyst downgrades and caution: Barclays and other firms cut ratings or lowered outlooks, flagging weaker 2026 crypto market start and profitability concerns — headwinds for sentiment and near-term multiple compression. Coinbase Global NASDAQ: COIN Rating Lowered to "Underweight" at Barclays
• Negative Sentiment: Macro/volume risk: spot crypto volumes fell in March (broad-based decline); lower spot trading typically reduces exchange trading fees — a direct revenue headwind for COIN until volumes rebound. Spot Crypto Volumes Drop Nearly 20% in March

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.

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