Coinbase Global (COIN) started 2025 with a storm overhead. The leading U.S. crypto exchange, long the gateway for everyday and institutional investors into Bitcoin (BTCUSD), Ethereum (ETHUSD), and more, is down 20% in the year to date. Sluggish trading volumes, regulatory overhangs, and macroeconomic uncertainty have all taken a toll. 

But now, things could be perking up. 

Bitcoin has roared past $94,000 again. As crypto soared, Coinbase followed, rebounding from its lows in tandem with Bitcoin’s ascent, shaking off months of selling pressure. Shares are up more than 16% over the past month and 4% over the past five sessions. Optimism is back, momentum is building, and analysts are now eyeing double-digit upside.

So, with the tide turning, should investors buy the dip in Coinbase stock in May?

About Coinbase Stock

Delaware-based Coinbase (COIN), founded in 2012, is a leading cryptocurrency exchange with a market cap of $52 billion. As the second-largest digital asset trading platform globally, Coinbase generates revenue primarily through trading commissions. The company serves both retail and institutional clients, capitalizing on market volatility to maintain its position as a dominant force in the evolving landscape of digital finance.

At the height of crypto euphoria last December, Coinbase’s shares touched a 52-week high of $349.75, riding Bitcoin’s rally and a pro-crypto political breeze from then-President-elect Donald Trump. But that did not last long. A cocktail of market unease, regulatory pressure, and its snub from the S&P 500 Index ($SPX) cooled the frenzy. Shares are now down more than 40% from that 52-week high. 

Coinbase Tops Q4 Estimates

On Feb. 13, Coinbase delivered its Q4 earnings results, generating revenue of $2.3 billion, up 138.2% year-over-year, beating Wall Street’s targets. Riding the wave of Bitcoin’s explosive rally, its EPS grew 350% to $4.68.

Trading volume came in at $439 billion, up 137%. Consumer transaction revenue rose 179% sequentially to $1.3 billion. Meanwhile, institutional trading volume doubled to $345 billion, as top clients embraced Coinbase’s platform. 

Earnings were a flex in every sense, except for a 9% sequential dip in stablecoin transaction fees, which drew some concern. Still, with crypto roaring back and institutions leaning in, Coinbase reminded Wall Street it’s still the heavyweight champ of U.S. crypto platforms.

Coinbase is gearing up to report its Q1 2025 earnings results on Thursday, May 8, after the bell. Management projects subscription and services revenue between $685 million and $765 million. 

Analysts tracking Coinbase anticipate its Q1 EPS to be around $2.09, up 26.7% year over year. However, the road gets bumpy in the full year with a projected 5.5% annual dip in EPS to $7.18. 

What Do Analysts Expect for Coinbase Stock?

Wall Street leans bullish on COIN, with the stock having a “Moderate Buy” consensus rating overall. Out of the 26 analysts in coverage, 10 recommend a “Strong Buy,” one advises a “Moderate Buy,” 13 play it safe with a “Hold,” and the remaining two bet against it with a “Strong Sell.”

COIN’s mean price target of $271.33 implies the stock has upside potential of 34% from the current price level.