“Going Vertical”: Coinbase Closes at Record High Despite Analyst Uncertainty

Coinbase Global Inc. (COIN) ended Thursday’s trading session at a new all-time closing high of $369.21, sparking excitement among investors and mixed reactions from analysts.

The stock rose 3.89% on the day and nearly 40% over the past month, marking a 3.3% gain over its previous record of $357.39 set in November 2021.

The surge drew a bold reaction from Real Vision CEO Raoul Pal, who posted, “Going vertical now,” in response to the milestone.

“Next step, crypto—the liquidity spigot is wide, wide open,” he added, signaling expectations for broader market momentum.

Coinbase’s New High Comes as Firm Enters S&P 500

Coinbase’s new record high follows its recent inclusion in the S&P 500 index on May 19, a historic first for a crypto-native firm.

The company was the best-performing stock in the index on Tuesday, posting a 12.10% gain.

Some analysts attribute the momentum to political developments, including the advancement of the GENIUS Act in the U.S. House on June 17.

The bill aims to bring more clarity to stablecoin regulations. Coinbase, which co-created the USDC stablecoin with Circle Internet Group, earns half its revenue from the stablecoin’s operations.

Despite the bullish price action, experts are split on whether Coinbase can sustain its upward trajectory.

Investment adviser Andy Heilman acknowledged the strength of the stock but suggested a pullback may be looming.

“Weekly view on $COIN looks very bullish, even if it is due for a pullback,” he wrote on X, adding that technical patterns hint at “possible four-digit prices” in the long term.

Others echoed similar optimism with caution. Analyst Cantonese Cat noted that the expanding daily Bollinger Band suggests the stock “just wants to keep going up.”

Meanwhile, fellow analyst Chad warned that COIN appears “overextended above the upper Bollinger Band,” signaling a potential cooldown.

For long-term holders, the rally brought a sense of relief. “After buying Coinbase on day 1, I am finally back to the price I paid, 4 years later,” crypto commentator Whoisdat posted.

Coinbase debuted on the Nasdaq in April 2021 at $381 per share but closed its first day at $328.28 after a sharp intraday drop.

Coinbase Q1 Revenue Climbs, But Profit Falls 94%

Coinbase reported mixed first-quarter results, with revenue rising 24% year-over-year to $2 billion, but falling short of analyst expectations and down 10% from the previous quarter.

While transaction revenue grew to $1.26 billion, its subscription and services division—covering staking and custodial offerings, rose 37% to nearly $700 million, reflecting growing diversification beyond trading.

Despite the revenue uptick, net income plunged 94% to $66 million as the company marked down its crypto holdings amid market volatility.

Adjusted earnings stood at $526.6 million, or $1.94 per share, still below last year’s figure of $2.53. Operating expenses surged 51% to $1.3 billion due to aggressive marketing and asset write-downs.

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