Cullinan Associates Inc. Reduces Holdings in Coinbase Global, Inc. $COIN

Cullinan Associates Inc. lowered its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 99.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,425 shares of the cryptocurrency exchange’s stock after selling 255,500 shares during the period. Cullinan Associates Inc.’s holdings in Coinbase Global were worth $548,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Activest Wealth Management boosted its position in shares of Coinbase Global by 6.6% in the 4th quarter. Activest Wealth Management now owns 3,371 shares of the cryptocurrency exchange’s stock valued at $762,000 after purchasing an additional 209 shares during the period. Delta Investment Management LLC increased its position in Coinbase Global by 17.2% during the fourth quarter. Delta Investment Management LLC now owns 1,001 shares of the cryptocurrency exchange’s stock worth $226,000 after buying an additional 147 shares during the period. Pekin Hardy Strauss Inc. acquired a new position in Coinbase Global during the fourth quarter worth approximately $216,000. Interchange Capital Partners LLC lifted its stake in Coinbase Global by 3.9% in the fourth quarter. Interchange Capital Partners LLC now owns 2,736 shares of the cryptocurrency exchange’s stock valued at $619,000 after buying an additional 102 shares during the last quarter. Finally, Keybank National Association OH boosted its holdings in shares of Coinbase Global by 19.5% in the fourth quarter. Keybank National Association OH now owns 2,594 shares of the cryptocurrency exchange’s stock valued at $587,000 after acquiring an additional 423 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase Asset Management rolled out a tokenized-share class and a new stablecoin credit strategy (CUSHY) to offer tokenized private/public credit exposure across Ethereum, Solana and Base — a push that could open new fee pools and institutional demand for on‑chain credit products. Coinbase Adds Tokenized Share Class (CryptoProwl) Coinbase Launches CUSHY (Blockonomi)
• Positive Sentiment: CEO Brian Armstrong proposed using crypto rails to cut the roughly $60B in global remittance fees — a high‑visibility policy/market push that, if it gains traction, could expand payments use‑cases and transaction volumes on Coinbase’s platform. Coinbase CEO proposes surprising fix to $60B remittance fees (MSN)
• Positive Sentiment: Coinbase/Glassnode survey found >70% of respondents view Bitcoin as undervalued and many see the market in a late bear-cycle accumulation phase — bullish investor positioning could support trading volumes and custody inflows if buying continues. Most crypto investors believe Bitcoin is undervalued (Cointelegraph)
• Neutral Sentiment: Bitcoin’s rebound above $76k and a rising Coinbase premium create short‑term trading opportunity but also raise technical risk (analysts warning of repeats of prior breakdowns) — helps volumes but increases volatility. Bitcoin Coinbase Premium threatens bear flag repeat (Cointelegraph)
• Negative Sentiment: Sector pressure after Robinhood’s weak Q1 crypto revenue continues to weigh on Coinbase — peer misses have triggered selloffs across crypto-exposed names and could signal softer trading revenue ahead. Robinhood crypto revenue crash (Blockonomi)
• Negative Sentiment: Heightened regulatory/legal risk: the CFTC’s actions around prediction markets and lawsuits over jurisdiction, plus ongoing questions about when Coinbase might be deemed a “seller” under securities law, keep potential enforcement and compliance costs on the table. Finding Coinbase a ‘Seller’ Would Bring Harms (Bloomberg Law) CFTC sues Wisconsin over prediction markets (Cointelegraph)
• Negative Sentiment: Analysts caution ahead of Coinbase’s next earnings — Zacks flags an expected decline in EPS and revenue headwinds; weaker-than-expected results would pressure the stock given current valuation. Analysts expect earnings decline (Zacks)

Insider Activity

In related news, CFO Alesia J. Haas sold 364,600 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $154.95, for a total value of $56,494,770.00. Following the completion of the sale, the chief financial officer owned 402,165 shares in the company, valued at $62,315,466.75. This trade represents a 47.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 394,590 shares of company stock valued at $62,508,690. Company insiders own 16.56% of the company’s stock.

Coinbase Global Trading Up 3.3%

Shares of COIN stock opened at $187.77 on Friday. The business’s fifty day moving average price is $187.15 and its 200 day moving average price is $231.50. Coinbase Global, Inc. has a 1-year low of $139.36 and a 1-year high of $444.64. The firm has a market capitalization of $49.59 billion, a PE ratio of 42.77, a P/E/G ratio of 4.11 and a beta of 3.60. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.34 and a quick ratio of 2.34.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, February 12th. The cryptocurrency exchange reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.17). The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.86 billion. Coinbase Global had a net margin of 17.55% and a return on equity of 8.68%. Coinbase Global’s revenue was down 21.6% compared to the same quarter last year. During the same period last year, the business posted $4.68 EPS. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 2.77 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on COIN shares. UBS Group set a $264.00 target price on shares of Coinbase Global in a report on Friday, February 13th. Compass Point decreased their price target on shares of Coinbase Global from $190.00 to $140.00 and set a “sell” rating for the company in a research note on Friday, February 20th. Citizens Jmp lowered their price objective on shares of Coinbase Global from $400.00 to $355.00 and set a “market outperform” rating on the stock in a research report on Friday, April 10th. Oppenheimer dropped their price objective on shares of Coinbase Global from $381.00 to $370.00 and set an “outperform” rating on the stock in a research note on Monday, January 12th. Finally, Deutsche Bank Aktiengesellschaft set a $250.00 target price on shares of Coinbase Global in a report on Friday, February 13th. Nineteen analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $262.07.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.