COIN

Compass Point analyst Ed Engel initiated coverage of Coincheck with a Buy rating and $5 price target.

Rosenblatt lowered the firm's price target on Coinbase to $325 from $470 and keeps a Buy rating on the shares. After a strong Q3 and record October, Coinbase trading volumes have decelerated materially, notes the analyst, who now models Q4 total trading volume of about $207B, down 35% from the firm's previous estimate. However, the firm thinks this slowdown has been largely captured in the stock and sees material upside potential from Coinbase's product expansion initiatives, the analyst tells investors.

Bernstein analyst Gautam Chhugani lowered the firm's price target on Coinbase to $440 from $510 and keeps an Outperform rating on the shares. For 2026, the firm expects a tokenization supercycle - tokenization of the dollar, tokenization of capital markets, tokenization of events. Bernstein still feels good about Bitcoin despite the weak sentiment in Q4. It believes with reasonable confidence that Bitcoin and broader digital asset markets have bottomed.

Crypto markets are kicking off 2026 with a wave of institutional activity as major banks update their sector outlooks and corporate treasuries continue to expand their holdings. From significant rating shifts at global investment firms to massive balance sheet adjustments by leading public holders, the intersection of traditional finance and crypto is deepening. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radioGOLDMAN SACHS ANALYZES CONVERGENCE OF TRADITIONAL BROKERAGE AND CRYPTO:Goldman Sachshas adopted a "selectively constructive" stance on the brokers and crypto sector for 2026, forecasting 10% year-over-year revenue growth. According to a sector outlook report from the firm, the investment thesis centers on the convergence of traditional finance and digital assets, with analysts predicting that hybrid models will outperform pure-play niche actors.The bank upgraded Coinbaseto a Buy rating from Neutral, raising its price target to $303. Goldman Sachs views the firm as shifting from cyclical to structural growth, driven by subscription and services revenue, such as custody and stablecoins, which now account for significant revenue. Conversely, the firm downgraded eToro Groupto Neutral from Buy, lowering its price target to $39. Analysts noted intensifying competition as rivals like Robinhoodreplicate eToro's flagship "CopyTrader" feature.Goldman Sachs identified its top buy-rated picks as Robinhood, Interactive Brokers, and Figure Technology Solutions. The firm highlighted Robinhood for its product velocity in prediction markets, Interactive Brokers for high-margin account growth, and Figure Technology Solutions for its blockchain-enabled lending via the Provenance blockchain. The report outlines several structural growth drivers, estimating a $17B revenue pool for prediction markets growing at over 15% annually. Additionally, non-stablecoin real-world assets grew 140% in 2025 to $37B, with the bank identifying tokenized money market funds and HELOCs as the first wave of adoptionOn the regulatory front, the report cites the 2025 GENIUS Act as a major tailwind for Circleand Coinbase. Analysts also view the potential passage of the CLARITY Act in early 2026 as a key catalyst for tokenized equities. Regarding trading volumes, the bank argues a "coiled spring" potential exists, noting that current retail activity per account remains 35% below 2021 peaks, suggesting massive upside if engagement normalizes.However, the report identifies risks, specifically rate sensitivity. Circle is flagged as the most sensitive, with a 25bps Fed cut estimated to hit its revenue by 5%. Meanwhile, Galaxy Digitalsaw its price target lowered to $24, though a mid-2026 pivot to data center revenue is expected to drive margin expansion. Overall, Goldman Sachs considers the sector's valuation attractive, noting it trades at the 45th percentile of its five-year P/E range following a de-rating in late 2025STRATEGY INCREASES BITCOIN HOLDINGS AMID QUARTERLY LOSSES:The world's largest public holder of bitcoin, Strategy, recently increased its stockpile to 673,783 coins. Led by Michael Saylor,. The bitcoin titan also boosted its cash reserves to $2.25B through common stock sales to fund dividends for its perpetual preferred equity. Despite the accumulation,that Strategy disclosed a $17.44B unrealized loss on its holdings for Q4, following a decline in the price of bitcoin from $120,000 to $88,000.INSTITUTIONAL ADOPTION ACCELERATES WITH NEW BANKING RAILS:Bank of Americais further integrating digital assets into its wealth business by allowing advisers to proactively recommend spot bitcoin ETFs., the bank's chief investment office approved four liquid funds for coverage, including those from BlackRock, Fidelity, and Bitwise. This shift frames crypto as a 1% to 4% portfolio sleeve for suitable clients. In tandem, BlackRock saw its flagship bitcoin fund, IBIT, record $287.4M in net inflows on Friday, its largest single-day haul in nearly three months.CRYPTO MINERS AND CORPORATE TREASURIES PIVOT STRATEGY:As the crypto mining sector continues to undergo a structural shift toward high-performance computing and artificial intelligence, Bitfarmsannounced a complete exit from Latin America,. The proceeds will be redeployed into North American infrastructure for high-performance computing starting in 2026. Meanwhile, BitMine Immersion Technologiesis seeking shareholder approval to dramatically increase its share count to 50 billion. Chairman Tom Lee made the announcement via the company's message from the chairman video, with the intention to accommodate potential stock splits as the company's shares closely track the price of ether.PRICE ACTION:At the time of writing, bitcoin is trading at approximately $93,389.94, while ether was trading at $3,162.04,.

Goldman Sachs upgraded Coinbase to Buy from Neutral with a price target of $303, up from $294. The company's recent product launches enhance the competitiveness of its core business, the analyst tells investors in a research note. Further, Goldman views Coinbase as a "best-in-class play" on the growth of crypto infrastructure. The company's scale and brand recognition continue to drive above average-revenue growth and market share gains, the firm contends.

Needham analyst John Todaro lowered the firm's price target on Coinbase to $290 from $400 and keeps a Buy rating on the shares. The firm lowered its estimates and price targets across the cryptoasset sector as it sees continued weakness in crypto volumes for the next couple quarters. Even if crypto prices are near a bottom, retail volumes typically remain muted until momentum returns, the analyst tells investors.