According to CoinMeta, Coinbase's second-quarter performance fell short of market expectations, with its stock price once dropping to a two-and-a-half-year low before rebounding to around $150, representing a cumulative decline of 57% over the past year. There is disagreement on Wall Street regarding the reasons for Coinbase's poor performance: some analysts believe it is due to the weakness in the crypto market, while others question the company's growth strategy beyond its trading business. JPMorgan noted that Coinbase's results reflect a "challenging crypto environment," with new products contributing limitedly to profits. The target price for December 2026 was lowered from $196 to $148, while the "overweight" rating was maintained. Bernstein believes that Coinbase's long-term strategy remains attractive, but investors hope to see more convincing execution, especially in areas such as market forecasting and new businesses like tokenized stocks. Mizuho warns that Robinhood is becoming a mainstream alternative for retail crypto trading. Overall, Coinbase is still regarded as an important representative of U.S. crypto compliance infrastructure, but its valuation recovery depends on its ability to prove that it is not just a crypto exchange that relies on trading cycles.