Goldman Sachs Sets COIN Target at $235 — Here’s Why Coinbase Could Surge 30% From Current Levels

By Joel South Published Mar 26, 10:22AM EDT

Quick Read

Coinbase (COIN) generated $5.2 trillion in full-year 2025 trading volume, up 156% year over year, with 12 products each exceeding $100 million in annualized revenue, including $17.8 billion in average USDC held and $364 million in Q4 stablecoin revenue. The Deribit acquisition made Coinbase the global leader in crypto derivatives, with institutional transaction revenue growing 37% year over year.
Goldman Sachs reaffirmed its Buy rating and trimmed its price target to $235 from $270, implying roughly 30% upside from current levels, betting on crypto market stabilization, USDC adoption acceleration, and Deribit’s institutional derivatives momentum sustaining growth.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.(Sponsor)

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Goldman Sachs Sets COIN Target at $235 — Here’s Why Coinbase Could Surge 30% From Current Levels — © SvetaZi / Shutterstock.com

Coinbase Global (NASDAQ:COIN | COIN Price Prediction) has had a rough stretch. Shares are down nearly 20% year-to-date, trading at $177.82 on Thursday, March 26, down significantly from their 52-week high of $444.64.

The broader crypto complex has dropped 46% since its October 2025 peak, and the Street consensus target sits at $252.24. Goldman Sachs reaffirmed its Buy rating while trimming its price target to $235 from $270, implying roughly 30% upside from current levels. But can COIN realistically reach $235 by end of 2026?

Goldman Sachs’s $235 COIN Prediction

Goldman acknowledges that crypto stocks have shown volatile but mostly flat performance recently, reflecting investor uncertainty about the sector’s outlook. Despite that, the firm argues that select digital-asset-sensitive names present increasingly attractive entry points. The case rests on Coinbase’s structural expansion beyond spot trading: full-year 2025 total trading volume hit $5.2 trillion, up 156% year over year, while the company now generates revenue from 12 products each exceeding $100 million in annualized revenue.

Key Drivers of COIN Stock Performance

Derivatives leadership via Deribit. The Deribit acquisition closed Aug. 14, 2025, making Coinbase the global leader in crypto derivatives by open interest and options volume. Institutional transaction revenue grew 37% year over year in Q4, and Deribit posted all-time high revenue that quarter, providing a durable, less cyclical revenue stream that diversifies Coinbase’s earnings base.
Stablecoin ecosystem growth. Average USDC held in Coinbase products reached an all-time high of $17.8 billion in Q4, up 18% sequentially, against a USDC market cap of $76.2 billion. Stablecoin revenue of $364 million in Q4 represents recurring, interest-like income that contributes to earnings stability.
Regulatory clarity as a structural tailwind. The SEC lawsuit was dismissed with prejudice, MiCA licensing secured in Europe, and the White House issued a Strategic Bitcoin Reserve executive order. As CEO Brian Armstrong stated, “As regulatory clarity emerges, we believe crypto will update all financial services, and Coinbase is well positioned to capitalize on that transition.”

What Will It Take for COIN to Reach $235?

With 223.04 million shares outstanding, a $235 price would imply a market cap of roughly $52.4 billion, up from the current $40.4 billion. Three conditions matter most: crypto market stabilization driving retail transaction volumes back toward Q3 2025 levels, continued USDC adoption accelerated by the advancing GENIUS Act stablecoin legislation, and Deribit’s institutional derivatives momentum sustaining the $11.285 billion cash position that funds the $2.0 billion share repurchase program authorized in January 2026.

The primary risk is crypto cyclicality, underscored by the $718 million largely unrealized markdown on its crypto asset portfolio in Q4. Even so, Goldman’s $235 target reflects a business that has diversified well beyond retail spot trading, and for investors with a long-term horizon, Goldman’s thesis centers on the company’s diversified revenue base and compounding growth potential.

About the Author Joel South →

Joel South has been an avid investor and financial writer for over 15 years, publishing thousands of articles analyzing stocks, markets, and investment strategies across multiple leading financial media platforms. He spent 12 years at The Motley Fool, where he worked as an investment analyst and Bureau Chief before ascending to direct the Fool.com investing news desk, overseeing editorial operations and content strategy. During his tenure, Joel co-hosted an investing podcast and became a recognized voice in financial media through numerous TV and radio appearances discussing stock market trends and investment opportunities.

Currently serving as General Manager and Managing Editor at 24/7 Wall Street, Joel has published hundreds of in-depth analyses focusing on large-cap stocks, dividend-paying equities, and market-moving developments. His comprehensive coverage spans earnings previews, price predictions, and investment forecasts for major companies across all sectors—from technology giants and semiconductor manufacturers to consumer brands and financial institutions. Joel's expertise encompasses t fundamental analysis, options market interpretation, institutional investor behavior, and translating complex market dynamics into clear, actionable insights for individual investors.