COIN Stock Poised for a Strong Comeback in 2025, Crypto Traders Say

Shares in crypto exchange Coinbase Global Inc (COIN) have experienced its largest significant single-day decline in over two years after its latest earnings missed analyst estimates alongside a stock market plummet.

Shares of crypto exchange Coinbase (NASDAQ:COIN) experienced its largest single-day decline in over two years on Oct. 31 after its latest earnings missed analyst estimates.

However, some traders remain optimistic about the stock’s future performance.

COIN closed the trading day down 15.34% at $179.25. This marks the largest intraday drop since July 26, 2022, when the stock fell 21% amid a probe from the U.S. Securities and Exchange Commission.

“Q1 and Q2 earnings next year will be ridiculous,” crypto trader Pickle told their 16,100 X followers, claiming that “everyone [is] overblowing the Coinbase earnings call.”

On Oct. 30, Cointelegraph reported that Coinbase’s Q3 2024 earnings fell short of Wall Street analysts’ estimates by about 11%.

Traders optimistic about COIN performance

Pickle added, “Summer is the quietest period for all markets, crypto was chopping, and retail interest waned,” before predicting that COIN is headed for “$600.”

The exchange’s transaction revenue decreased by 27% quarter-over-quarter to $573 million, although it still marked an over 98% increase from Q3 2023.

Stock market commentator Geert Leysen highlighted that COIN’s price is still “above the trendline,” suggesting that the stock’s performance is a “play on the rise” of Bitcoin ( BTCUSD ).

Bitcoin is trading at $69,310, which is about 6.3% below its all-time high of $73,679 set in March. Traders are keeping a close watch on the upcoming U.S. election on Nov. 5, expecting it to bring heightened volatility in either direction.

Pseudonymous crypto trader Cable also noted that it’s “wild” that COIN is still trading below its initial public offering price of $250, which was the price at which the company went public in April 2021.

Oct. 31 was a tough day for the stock market overall, with financial analyst Andrew Lokenauth reporting that “over $950 billion was wiped out from the market.”

MicroStrategy overtakes Coinbase in market cap

In other news, traders recently took note of Michael Saylor’s MicroStrategy (NASDAQ:MSTR) overtaking Coinbase in market capitalization.

MicroStrategy has a market cap of $49.5 billion, surpassing Coinbase’s market cap of $44.54 billion.

It was only recently that Bitcoin analyst Tuur Demeester told his 283,500 X followers that Coinbase and MicroStrategy “is a battle of two archetypes.”

“One is the fox who distracts himself with hundreds of strategies; the other is the hedgehog who knows One Big Thing. This is ‘crypto investing’ versus ‘there is no second best,’” Demeester wrote in an Oct. 9 X post.

This article does not contain investment advice or recommendations. Every investment and trading move carries a risk, and readers should conduct their own research when making a decision.