Coinbase Global Inc COIN published on Tuesday a report warning investors of a "crypto winter" being underway. The company is scheduled to report its first-quarter earnings on May 8.

Although the company began 2025 with significant momentum due to pro-crypto comments by the Trump administration, sentiment has reversed against "sharply rising macro concerns," according to Rosenblatt Securities. 

The Coinbase Global Analyst: Analyst Chris Brendler reiterated a Buy rating, while reducing the price target from $305 to $290.

The Coinbase Global Thesis: The first-quarter estimates for the company have been lowered to reflect continued decline in trading volumes in March and "much lower blockchain revenue due to considerably lower asset levels, partially offset by continued strength in stablecoins," Brendler said in the note.

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He trimmed his revenue estimates from $2.19 billion to $2.10 billion and EBITDA estimates from $1,075.8 million to $1,005.1 million.

The full year estimates for Coinbase Global reflects a rebound in activity in the back half of the year, the analyst stated. "In our view, legislative clarity will accelerate blockchain technology adoption and COIN will be a primary beneficiary," he added.

Non-trading revenue streams growing beyond trading fees and the company's profitability becoming more predictable could lend upside to the stock, Brendler further said.

COIN Price Action: Shares of Coinbase Global had risen by 2.12% to $175.76 at the time of publication on Thursday.

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