Coinbase Stock Slips as Wells Fargo Opens Coverage

Published October 5, 2026, 04:36 UTC

Coinbase Global (Nasdaq: COIN) closed Friday, October 2, at $183.00, down $6.29, or 3.32%, on volume of about 12.9 million shares, according to FinancialContent and Yahoo Finance. The day's range ran from $180.81 to $200.35.

Wells Fargo starts coverage

Wells Fargo initiated coverage of Coinbase with an Equal Weight rating and a $200 price target, Business Insider Markets reported on October 1, citing TheFly. The note, as summarized there, said Coinbase "remains a foundational crypto franchise," but that consumer pricing pressure and mixed USDC trends "temper" a "constructive" view of a "meaningful crypto recovery."

Yahoo Finance also listed a separate Piper Sandler note dated October 2 that kept a Neutral rating and raised its price target from $146 to $170. Analyst ratings are opinions, not forecasts we endorse.

What the last quarter showed

On July 30, Coinbase's Q2 2026 release said total revenue was about $1.22 billion and GAAP net loss was $359.5 million. Adjusted EBITDA was $207.8 million, a 14th straight positive quarter on that measure. The company said crypto trading volume market share hit a record 10.3%, and that subscription and services revenue was 48% of net revenue.

Yahoo Finance lists the next earnings date as October 29, 2026. MarketBeat lists the same date, after the close, for the third-quarter report. Until Coinbase posts a release, treat that schedule as provisional.

Open USD and the stock context

Separately, Open USD (OUSD) went live on September 30. Coinbase is one of five founding partners of Open Standard, alongside Mastercard, Shopify, Stripe and Visa. CoinDesk reported that the five committed more than $1 billion to seed liquidity. How much that contributes to Coinbase's results is not yet clear from company filings.

COIN often moves with crypto prices and with risk appetite in equities. Friday's broader market rose after a soft jobs report (see our September jobs report). A single session or a single rating does not set a trend.

This article is news reporting and is not investment advice.

Sources

• FinancialContent, Coinbase Global, Inc. (COIN) historical prices, accessed Oct. 5, 2026
• Yahoo Finance, Coinbase Global, Inc. (COIN), accessed Oct. 5, 2026
• Business Insider Markets / TheFly, Coinbase initiated with an Equal Weight at Wells Fargo (Oct. 1, 2026)
• Coinbase via Nasdaq / Business Wire, Coinbase Q2 Earnings (July 30, 2026)
• MarketBeat, Coinbase Global Q3 2026 Earnings Report, accessed Oct. 5, 2026
• CoinDesk, Open USD takes on Tether, Circle (Sept. 30, 2026)

Related: Citi and Coinbase Link Bank Accounts and Stablecoins