Coinbase stock (COIN) continues to struggle despite diversification into copper and platinum futures, which allow trading in both metals with little initial capital. COIN stock fell 1.24% (-2.65) to $210.83 in the past 24 hours, despite a pre-market gain of just 0.53% (+1.11) to $211.94, bringing the total 5-day decline to 7.62% (-17.39).
Coinbase stock has steadily declined since its high of $387 in October 2025, according to market data. COIN has plummeted 44.4% (-168.66) over the past six months and 46% from its peak, but is only down 6.77% (-15.31) year-to-date.
Meanwhile, COIN stock widened its losses despite launching platinum and copper futures trading on January 27 in a bid to restore investor confidence. Coinbase has announced that traders can now access futures contracts for both metals on its platform and join previously available silver and gold contracts.
Coinbase stock decline reflects broader market conditions
Stephen Wu, chief operating officer of digital asset lending company Clearpool Finance, said the decline in Coinbase's stock price was related to broader market conditions rather than a specific loss of confidence in the company's operations. He notes that COIN trades as a high-beta risk asset as investors shift to commodities and yield.
Clearpool COO said Coinbase's expansion is more about gradually expanding its role as a derivatives market rather than directly hedging the volatility of cryptocurrencies. He also cautioned that metals are unlikely to offset significant volatility in the crypto market in the short term.
Allen Ding, head of Bitfire Research, echoed Wu's opinion that the addition of new metal futures is merely tactical product diversification rather than a complete strategic hedge. He also pointed out that Coinbase's latest futures product has become more of a complementary feature to retain users rather than a primary driver of growth, as abundant liquidity in metals remains concentrated in CME.
Ding also pointed out that these products will only diversify the company's portfolio in the long run, but may not fully protect the business from the volatility of the cryptocurrency market. Wu further noted that regulatory uncertainty surrounding the proposed CLARITY stablecoin framework could impact USDC adoption and Coinbase's revenue.
Cantor expects COIN price to reach target of $277 this year
Cantor Fitzgerald analyst Ramsey El Assal expects Coinbase to hit its $277 price target despite the recent drop in COIN prices. The analyst noted that the company has expanded beyond spot crypto trading to become a multi-commodity platform, evolving into an “everything exchange.” El Asal further highlighted that Coinbase's growing service revenue and subscription mix is expected to strengthen operating leverage and support more revenue as the platform grows.
Meanwhile, Coinbase faces new PR challenges in its international marketing approach. The UK's Advertising Standards Authority banned three Coinbase posters and a video after receiving 35 complaints.
ASA argued that the campaign downplays the risks associated with cryptocurrency trading. However, Coinbase acknowledged and explained that the ad was intended to spark discussion about the platform's offerings, and was not promoting cryptocurrencies as a get-rich-quick scheme.
The ASA has banned a Coinbase “everything is fine” ad that showed people singing funny songs in poor homes. The video ad also showed several economic challenges, such as rising egg prices and bursting sewer pipes, with the words “Everything will be okay” appearing next to each difficult living situation, causing controversy among consumers.
However, Coinbase denied that the ad was irresponsible, adding that crypto businesses do not have the inherent social harms associated with gambling, alcohol and tobacco, and countered that the ASA has provided specific guidance on these.
The exchange also argued that it was reasonable to believe that consumers would view the ad as satire. To avoid negative publicity, it was clarified that the video was intentionally exaggerated for entertainment purposes.
