Paragon Capital Management Ltd Has $26.98 Million Stake in Coinbase Global, Inc. $COIN

Key Points

• Paragon Capital Management cut its position in Coinbase by 19.6% in Q4 and now holds 119,286 shares worth $26.98 million, representing about 5.5% of the firm's portfolio and its 6th largest holding.
• Coinbase missed quarterly estimates (EPS $0.66 vs. $0.83; revenue $1.78B vs. $1.86B, down 21.6% YoY), prompting analyst downgrades and heavy insider selling including the CFO’s sale of 364,600 shares.
• Offsetting negatives, Coinbase secured an OCC approval for large-scale institutional custody (a cited $376B opportunity), launched new institutional products and won an Australian license, which could expand institutional revenue streams.

Paragon Capital Management Ltd cut its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 19.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 119,286 shares of the cryptocurrency exchange's stock after selling 29,044 shares during the quarter. Coinbase Global makes up approximately 5.5% of Paragon Capital Management Ltd's investment portfolio, making the stock its 6th largest holding. Paragon Capital Management Ltd's holdings in Coinbase Global were worth $26,975,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in COIN. Vanguard Group Inc. raised its holdings in Coinbase Global by 8.3% in the third 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. Artisan Partners Limited Partnership acquired a new position in shares of Coinbase Global during the third quarter worth $224,663,000. Baillie Gifford & Co. acquired a new position in shares of Coinbase Global during the third quarter worth $198,249,000. Assenagon Asset Management S.A. increased its position in shares of Coinbase Global by 1,647.1% during the third quarter. Assenagon Asset Management S.A. now owns 507,318 shares of the cryptocurrency exchange's stock worth $171,215,000 after purchasing an additional 478,281 shares in the last quarter. Finally, Rakuten Investment Management Inc. acquired a new position in shares of Coinbase Global during the third quarter worth $157,015,000. 68.84% of the stock is currently owned by institutional investors.

Key Stories Impacting Coinbase Global

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

• Positive Sentiment: Coinbase won an OCC nod that underpins a large institutional custody capability (reported as a $376B custody opportunity), reinforcing its positioning with big institutional flows. Coinbase Wins OCC Nod For $376 Billion Institutional Custody Empire
• Positive Sentiment: Coinbase Asset Management partnered with MarketVector to launch the Coinbase Store of Value Index (BTC + tokenized gold), expanding its institutional product suite and benchmark credentials. MarketVector and Coinbase launch index tracking Bitcoin and tokenized gold
• Positive Sentiment: Coinbase secured an Australian financial services license and plans to expand into equities, futures and other TradFi products in Australia — a potential new revenue stream. Coinbase plans expansion to stock trading in Australia after securing license
• Positive Sentiment: Jefferies raised its COIN price target to $181 (maintained Hold), signaling some analyst upside vs. recent levels. Jefferies adjusts price target on Coinbase Global to $181
• Neutral Sentiment: Broader crypto price action remains mixed — bullish scenarios and volatile analyst calls on BTC create uncertain short‑term trading flows that indirectly affect Coinbase's revenue visibility. Higher Before Lower: How Bitcoin Price Will Get To $240,000
• Neutral Sentiment: Google’s quantum-security warning has put Coinbase’s long-term crypto security planning in focus; management is engaging the topic but impact is strategic and long horizon. Google Quantum Warning Puts Coinbase Crypto Security Plans In Focus
• Negative Sentiment: Barclays initiated coverage with an Underweight and $140 target, signaling sizable downside risk and prompting selling pressure. Barclays downgrades Coinbase Global (COIN)
• Negative Sentiment: Analysts and outlets flagged profitability and margin concerns after softer quarterly results and lower revenue vs. estimates, fueling multiple downgrades and negative headlines. Analyst slashes Coinbase rating, flags profitability concerns
• Negative Sentiment: Coverage also highlighted an industry‑wide weak start to 2026 that drove additional analyst downgrades and downward revisions to sentiment on COIN. Coinbase stock hit with analyst downgrade on crypto market's weak start to 2026
• Negative Sentiment: Goldman trimmed its price target modestly (from $235 to $225) — still a Buy but a signal of tempered upside vs. prior estimates. Goldman Sachs adjusts price target on Coinbase Global to $225

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Zacks Research downgraded Coinbase Global from a "hold" rating to a "strong sell" rating in a research report on Tuesday, February 17th. HC Wainwright cut their price objective on shares of Coinbase Global from $425.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, February 11th. China Renaissance cut their price objective on shares of Coinbase Global from $301.50 to $223.20 and set a "buy" rating on the stock in a report on Monday, February 23rd. BTIG Research cut their price objective on shares of Coinbase Global from $340.00 to $280.00 and set a "buy" rating on the stock in a report on Friday, February 13th. Finally, Barclays downgraded shares of Coinbase Global from an "equal weight" rating to an "underweight" rating and cut their price objective for the company from $148.00 to $140.00 in a report on Wednesday. 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $262.94.

Coinbase Global Price Performance

NASDAQ COIN opened at $169.02 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.34 and a quick ratio of 2.34. The stock's fifty day moving average price is $178.95 and its 200 day moving average price is $247.85. Coinbase Global, Inc. has a 1 year low of $139.36 and a 1 year high of $444.64. The company has a market cap of $44.63 billion, a price-to-earnings ratio of 38.50, a PEG ratio of 3.39 and a beta of 3.60.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results 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 analyst estimates of $1.86 billion. During the same quarter last year, the company posted $4.68 EPS. Coinbase Global's quarterly revenue was down 21.6% compared to the same quarter last year. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 2,750 shares of the stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $260.09, for a total transaction of $715,247.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 364,600 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $154.95, for a total value of $56,494,770.00. Following the sale, the chief financial officer directly owned 402,165 shares in the company, valued at $62,315,466.75. This represents a 47.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 396,745 shares of company stock worth $63,576,559. 16.56% of the stock is owned by corporate insiders.

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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