Bernstein Lowers Coinbase Target, Raises Circle Rating Amid New Product Gains
Current overview (not historical)
Bernstein has cut its target price for Coinbase while boosting its rating and target for Circle, arguing that the companies’ new product launches have reshaped profitability outlooks. Coinbase’s Q3 net profit surged 66%, largely driven by growth in prediction markets and derivatives that helped offset a decline in spot trading activity. The firm’s revised view reflects a shift toward higher‑margin products, suggesting that the broader crypto market may benefit from diversified revenue streams beyond traditional trading. This adjustment follows earlier reports that highlighted the impact of the $6.3 B Binance hack on crypto stocks, underscoring the volatility and evolving dynamics within the sector.
Written with AI from the reporting · updated 10/30/2026
Expand the detailed fact route and sources
Story route
A station-by-station route from the first public evidence onward; every station carries its own evidence and uncertainty.
- 1Unclassified fact stationOct 26, 00:00recorded Oct 27, 00:51single source
伯恩斯坦调整Coinbase目标价并提升Circle评级
Read original source ↗ The BlockReplay this moment in the explorerEvidence & revisions · 1 source records
- Subject：
- Bernstein
- Action：
- 调整目标价
- Object：
- Coinbase目标价下调，Circle目标价上调
- Occurred (fact side)：
- Oct 26, 00:00
- Published (valid side)：
- Oct 27, 00:36
- First seen (known side)：
- Oct 27, 00:51
Fact stationSingle source · one-sided claimCopy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.
- 2Unclassified fact stationOct 30, 00:00recorded Oct 30, 17:02single source
Coinbase Q3 net income jumps 66%
Read original source ↗ The BlockReplay this moment in the explorerEvidence & revisions · 1 source records
- Subject：
- Coinbase
- Action：
- reported Q3 net income
- Object：
- 66% increase
- Occurred (fact side)：
- Oct 30, 00:00
- Published (valid side)：
- Oct 30, 16:57
- First seen (known side)：
- Oct 30, 17:02
Fact stationSingle source · one-sided claimCopy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.
- 3Unclassified fact stationOct 31, 00:00recorded Oct 31, 02:22single sourcerevised
Coinbase leads crypto stock selloff following $6.3B Binance
Read original source ↗ CointelegraphReplay this moment in the explorerEvidence & revisions · 1 source records
- Subject：
- Coinbase
- Action：
- 股价下跌
- Object：
- 加密货币股票
- Occurred (fact side)：
- Oct 31, 00:00
- Published (valid side)：
- Oct 31, 01:48
- First seen (known side)：
- Oct 31, 02:22
Fact stationSingle source · one-sided claimRevisedCopy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.
Uncertainty marks flag where to check the sources; they are not proven causation.
Report timeline
Explore every side through dated source reports.
- CointelegraphRelated fact: single sourceSource report revisedCoinbase Shares Plunge Over 13% After Q3 Revenue Drop Amid Binance $6.3 B Hack
Report first recorded Oct 31, 02:22
Coinbase’s stock fell more than 13% on Friday after reporting a 34% year‑over‑year decline in third‑quarter revenue to $1.16 billion, even as net income rose to $719 million thanks to $715 million in gains on cryptocurrency holdings. The sell‑off was part of a broader market decline triggered by Binance’s disclosure of a $6.3 billion theft, which also pushed down shares of Circle Internet Group (CRCL) by over 9%, Strategy (MSTR) by about 8%, IREN and Figure Technology Solutions. Coinbase’s prediction‑markets business exceeded $200 million in annualized revenue, but the company’s adjusted net income—excluding investment gains—was only $78 million. The market reaction reflects heightened sensitivity to security breaches and earnings volatility in the crypto‑asset sector.
Read original source ↗
- The BlockRelated fact: single sourceCoinbase’s Q3 Net Income Surges 66% as Prediction Markets Drive Growth
Report first recorded Oct 30, 17:02
Coinbase reported a 66% jump in Q3 net income, largely attributed to its expanding prediction markets and derivatives businesses, which helped offset weaker spot trading activity. Bernstein analysts noted that the growth in these off‑exchange products contributed significantly to the company’s profitability during a period of subdued spot trading.
Read original source ↗
- The BlockRelated fact: single sourceBernstein cuts Coinbase target, raises Circle target as new products shift earnings outlook
Report first recorded Oct 27, 00:51
Bernstein analyst lowered Coinbase's price target while raising Circle's target, citing new products that are shifting the earnings outlook for both crypto-related companies.
Read original source ↗
Event activity trend
- Latest comparable
- 3
- Comparable peak
- 18Oct 31, 02:00
- 24h change
- -71%
The chart compares consistently observed participants only. Hover or tap to inspect each hour; use arrow keys to move between observations.
Event discussion
Reader opinions are hosted on GitHub Discussions; posting requires a GitHub account. Comments are not verified facts.