Citi’s decision to plug Coinbase Global’s stablecoin rails into a payments network that processes roughly US$6 trillion a day sounded like the kind of deal long-term holders hope for. Investors who held Coinbase Global over the past year are down 53.4%, including dividends. If you had bought on 28 October 2025, knowing only what was on record then, how should this later mix of big partnerships and widening losses reshape your expectations for what comes next?
Coinbase Global has already moved. Pinpoint other ways to investigate the theme among 20 cryptocurrency and blockchain stocks.
The Argument Coinbase Investors Were Weighing
The shares cost US$355 at the start of the period, and anyone looking at Coinbase Global then had to choose between two very different stories about where the business could go.
The bullish narrative saw tokenized assets transforming markets, with a Fair Value of US$510, a level that reflected beliefs about Coinbase Global becoming an “everything exchange” and high margin subscriptions eventually dominating earnings.
The bearish view anchored on regulatory and competitive pressure, with a Fair Value of US$185 and a key concern that stricter global rules and commoditized trading could shrink the addressable market and squeeze profits.
NasdaqGS:COIN 1-Year Stock Price Chart What The Results And Deals Did To The Coinbase Global Story
The Citi partnership plugged Coinbase Global’s stablecoin rails into a payments engine handling about US$6 trillion a day, which supported the optimistic vision of Coinbase as a broader financial backbone. The later Q2 2026 report pulled the other way. Revenue slipped from US$1,396.5m to US$1,154.3m and a US$1,428.9m profit turned into a US$359.5m loss, so the profitability leg of the bullish case stayed unproven. Overall, the evidence cut both ways.
The key assumption investors can carry elsewhere is that big distribution deals only matter if the economics show up in earnings. When you judge another platform story, match each headline partnership to changes in total revenue, absolute profit and net margin in the next couple of years, and price expectations accordingly.
What You Would Be Paying For In Coinbase Global Today
Coinbase Global now trades at US$162, and the selected Narrative’s Fair Value sits above that level based on its own assessment, not on settled fact. That view frames Coinbase as more than a single-product exchange.
The Narrative highlights Coinbase as a leveraged bet on long run crypto adoption, so a buyer today would need to believe crypto becomes a much larger asset class over time for this past 53.4% fall to look like an opening rather than a warning.