Coinbase and Gemini face divided outlook as analysts weigh exchange expansions beyond crypto
Analysts are split on Coinbase and Gemini's ability to achieve stable growth through expansions outside of spot crypto trading.Summary
Wall Street analysts hold divided opinions regarding how successfully Coinbase and Gemini can translate their expansions beyond spot crypto trading into stable, long-term growth. William Blair reiterated an outperform rating for Coinbase, viewing it as core crypto financial plumbing expanding into equities, derivatives, and payments, suggesting investors undervalue its long-term potential despite near-term spot volume weakness. Goldman Sachs also upgraded Coinbase to a buy, citing insulation from non-trading revenue but warning about execution risks and competition. Conversely, Mizuho maintained a neutral rating on Coinbase due to its reliance on retail fees and correlation with Bitcoin's price. Regarding Gemini, Mizuho maintained an outperform rating, highlighting user growth and international potential, especially noting revenue from its spending card operations. The overall industry outlook from Mizuho was mixed, with investors favoring general fintech stocks over crypto-native exchanges in 2026.
(Source：The Block)