GOLDMAN UPGRADES COINBASE STOCK TO BUY

Summary from the TLDR Crypto newsletter

Goldman Sachs upgraded Coinbase to Buy with a $303 price target (34% upside from ~$225), citing the exchange's revenue diversification into structural businesses like custody, staking, and subscriptions, which now comprise 40% of revenue versus under 5% five years ago. The upgrade reflects December product launches spanning US equities, prediction markets, derivatives, and expanded banking services, with Goldman viewing prediction markets and tokenization as significant TAM opportunities. However, the firm expects margin pressure from intensifying competition as traditional brokers add crypto while crypto-native platforms expand into stocks and banking. Regulatory risk remains material, with much of the long-term upside contingent on Congress passing crypto market structure legislation.