Barclays downgraded Coinbase to Underweight, lowering price target to $140 from $148 due to weak crypto volumes.
Q1 spot trading volume fell 30% to $189 billion, with global exchange volumes down 34%, pressuring profitability.
Barclays projects Q1 transaction revenue $678 million versus consensus $876 million, and retail revenue $490 million versus $651 million.
Analyst cites limited advantage in “everything exchange” push and potential stablecoin reward removal headwinds.