Benchmark Cuts Coinbase Q2 Revenue Guidance to $1.38B on Trading Weakness, Maintains $270 Price Target

According to Benchmark analyst Mark Palmer, on July 22, the investment firm cut Coinbase's second-quarter revenue guidance to $1.38 billion from $1.51 billion, citing weak cryptocurrency trading activity. The firm also reduced its 2026 full-year revenue forecast to $6 billion from $6.33 billion. Despite the downward revisions, Benchmark maintained its "buy" rating and $270 price target for Coinbase, representing approximately 57% upside from Wednesday's stock price of around $172.

Benchmark attributed the lower guidance to a 28% decline in spot trading volumes on centralized exchanges and a 13% drop in total cryptocurrency market capitalization during the quarter. The analyst suggested the CLARITY Act, if passed into law, could become a more significant catalyst for Coinbase's stock price than quarterly earnings alone, with the company potentially standing as a major beneficiary of the legislation.