Coinbase reported devastating fourth-quarter results Thursday, with earnings per share plunging from $4.66 to just $1.00 and revenue falling 20% to $1.8 billion. The news sent COIN stock down another 8%, extending its 65% crash since Bitcoin’s October peak of $126,080.
Adding insult to injury, the exchange suffered a major trading outage lasting over an hour on the same day, an embarrassing disruption during its most critical reporting period. JPMorgan recently slashed its price target from $399 to $290, though it maintained an “Overweight” rating.
For young traders, this is the messy reality of a bear market. The leading exchange is bleeding value. Yet, JPMorgan’s maintained rating signals that even Wall Street sees this as cyclical, not structural.
This is the uncomfortable phase where conviction is tested. Coinbase survived 2022. It’s adapting through regulatory clarity and institutional products. Today’s losses are painful, but they’re also what separates short-term traders from long-term investors who understand that industry leaders built during bear markets often dominate the next bull run.