Coinbase Global, Inc. $COIN Shares Sold by Cullinan Associates Inc.

Key Points

• Cullinan Associates cut its stake in Coinbase Global by 99.1% in Q4, selling 255,500 shares and leaving 2,425 shares worth $548,000.
• Q4 results missed expectations: EPS of $0.66 vs. $0.83 consensus and revenue of $1.78B vs. $1.86B expected, with revenue down 21.6% year‑over‑year.
• Insider selling continued — CFO Alesia J. Haas sold 10,020 shares under a Rule 10b5‑1 plan, insiders have sold 394,590 shares (~$62.5M) in the past 90 days, and insiders own 16.56% of the stock.

Cullinan Associates Inc. cut its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 99.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,425 shares of the cryptocurrency exchange's stock after selling 255,500 shares during the quarter. Cullinan Associates Inc.'s holdings in Coinbase Global were worth $548,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Coinbase Global by 8.3% in the third quarter. Vanguard Group Inc. now owns 26,216,793 shares of the cryptocurrency exchange's stock valued at $8,847,905,000 after acquiring an additional 2,007,930 shares in the last quarter. Ruffer LLP acquired a new position in Coinbase Global during the 4th quarter worth $166,515,000. Artisan Partners Limited Partnership acquired a new position in Coinbase Global during the 3rd quarter worth $224,663,000. Baillie Gifford & Co. purchased a new stake in Coinbase Global during the 3rd quarter worth about $198,249,000. Finally, Rakuten Investment Management Inc. purchased a new stake in Coinbase Global during the 3rd quarter worth about $157,015,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $187.77 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.34 and a current ratio of 2.34. Coinbase Global, Inc. has a fifty-two week low of $139.36 and a fifty-two week high of $444.64. The firm has a market capitalization of $49.59 billion, a PE ratio of 42.77, a price-to-earnings-growth ratio of 4.11 and a beta of 3.60. The stock's 50-day simple moving average is $187.15 and its 200-day simple moving average is $231.50.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, February 12th. The cryptocurrency exchange reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.83 by ($0.17). The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.86 billion. Coinbase Global had a net margin of 17.55% and a return on equity of 8.68%. The business's revenue for the quarter was down 21.6% compared to the same quarter last year. During the same period last year, the company earned $4.68 earnings per share. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 2.77 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, CFO Alesia J. Haas sold 10,020 shares of the company's stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $200.00, for a total value of $2,004,000.00. Following the completion of the transaction, the chief financial officer owned 377,201 shares in the company, valued at approximately $75,440,200. This represents a 2.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 394,590 shares of company stock worth $62,508,690. 16.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on COIN. UBS Group set a $264.00 price objective on Coinbase Global in a research note on Friday, February 13th. Citigroup cut their target price on shares of Coinbase Global from $505.00 to $400.00 and set a "buy" rating on the stock in a research note on Friday, February 6th. Jefferies Financial Group raised their target price on shares of Coinbase Global from $151.00 to $181.00 and gave the company a "hold" rating in a report on Thursday, April 9th. Benchmark lowered their price target on shares of Coinbase Global from $421.00 to $267.00 and set a "buy" rating for the company in a report on Friday, February 13th. Finally, Barclays cut shares of Coinbase Global from an "equal weight" rating to an "underweight" rating and lowered their price target for the stock from $148.00 to $140.00 in a report on Wednesday, April 8th. Nineteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Coinbase Global has an average rating of "Hold" and a consensus target price of $262.07.

Key Stories Impacting Coinbase Global

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

• Positive Sentiment: Coinbase Asset Management rolled out a tokenized-share class and a new stablecoin credit strategy (CUSHY) to offer tokenized private/public credit exposure across Ethereum, Solana and Base — a push that could open new fee pools and institutional demand for on‑chain credit products. Coinbase Adds Tokenized Share Class (CryptoProwl) Coinbase Launches CUSHY (Blockonomi)
• Positive Sentiment: CEO Brian Armstrong proposed using crypto rails to cut the roughly $60B in global remittance fees — a high‑visibility policy/market push that, if it gains traction, could expand payments use‑cases and transaction volumes on Coinbase’s platform. Coinbase CEO proposes surprising fix to $60B remittance fees (MSN)
• Positive Sentiment: Coinbase/Glassnode survey found >70% of respondents view Bitcoin as undervalued and many see the market in a late bear-cycle accumulation phase — bullish investor positioning could support trading volumes and custody inflows if buying continues. Most crypto investors believe Bitcoin is undervalued (Cointelegraph)
• Neutral Sentiment: Bitcoin’s rebound above $76k and a rising Coinbase premium create short‑term trading opportunity but also raise technical risk (analysts warning of repeats of prior breakdowns) — helps volumes but increases volatility. Bitcoin Coinbase Premium threatens bear flag repeat (Cointelegraph)
• Negative Sentiment: Sector pressure after Robinhood’s weak Q1 crypto revenue continues to weigh on Coinbase — peer misses have triggered selloffs across crypto-exposed names and could signal softer trading revenue ahead. Robinhood crypto revenue crash (Blockonomi)
• Negative Sentiment: Heightened regulatory/legal risk: the CFTC’s actions around prediction markets and lawsuits over jurisdiction, plus ongoing questions about when Coinbase might be deemed a “seller” under securities law, keep potential enforcement and compliance costs on the table. Finding Coinbase a ‘Seller’ Would Bring Harms (Bloomberg Law) CFTC sues Wisconsin over prediction markets (Cointelegraph)
• Negative Sentiment: Analysts caution ahead of Coinbase’s next earnings — Zacks flags an expected decline in EPS and revenue headwinds; weaker-than-expected results would pressure the stock given current valuation. Analysts expect earnings decline (Zacks)

About Coinbase Global

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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