Benchmark reiterates Buy on Coinbase and raises price target despite $394M Q1 loss!

Coinbase posted a net loss of $394 million in Q1 2026, with revenue of $755.8 million coming in well below analyst expectations — a quarter that would have rattled confidence in most names. Instead, it's drawing a fresh wave of conviction from Wall Street.

Benchmark published research on Tuesday reiterating its Buy rating and lifting its price target on COIN, joining Rosenblatt Securities and Bernstein, which made similar calls last week. Three separate firms holding their bullish stance through a miss of this size signals that the thesis isn't built on near-term earnings — it's built on regulatory trajectory, market share, and what a friendlier US crypto policy environment means for Coinbase's institutional business over the next 12-18 months.

For investors, the read is straightforward: the smart money is treating the Q1 shortfall as cyclical noise, not structural damage.