Coinbase Global Inc (NASDAQ:COIN) shares are trending on Wednesday. Here’s a look at what’s going on.
What To Know: Coinbase on Wednesday announced a strategic partnership with JPMorgan Chase (NYSE:JPM) to make buying crypto easier. The two companies will offer a direct bank-to-wallet connection that will allow Chase customers to link their bank accounts to Coinbase wallets.
Chase customers will also be able to transfer their ultimate rewards points to their Coinbase account, allowing customers to use credit card points to fund a crypto wallet for the first time. In the fall, the companies plan to roll out the ability to fund Coinbase accounts using Chase credit cards. The rest of the new features are expected to go live in 2026.
“We’re excited to partner with JPMorganChase to onboard the next generation of consumers into crypto. Together, we are expanding choice and lowering barriers to entry for consumers to participate in the future of financial services onchain,” said Max Branzburg, head of consumer & business products at Coinbase.
Coinbase also appears to be seeing increased attention ahead of second-quarter earnings scheduled for after the market close on Thursday. Analysts expect the company to report earnings of $1.35 per share and revenue of $1.69 billion, according to estimates from Benzinga Pro.
In the first quarter, Coinbase missed analyst estimates on the top and bottom lines. The company guided for second-quarter subscription and services revenue of $600 million to $680 million.
With a market cap of $96.6 billion and a P/E ratio of 69.82, Coinbase is positioned as a high-growth stock, albeit with a premium valuation compared to traditional equities. The forward P/E of 67.57 suggests that analysts expect continued growth, but the high multiples may also indicate elevated risk if earnings do not meet expectations.
COIN Price Action: Coinbase Global shares were up 3.38% at $384.01 at the time of publication Wednesday, according to Benzinga Pro data.
Coinbase is currently trading above its 50-day moving average of $319.69, indicating a bullish trend, while the 100-day and 200-day moving averages at $255.99 and $260.18, respectively, also support this upward momentum. Immediate support is likely around the recent low of $377.06, with resistance near the intraday high of $386.58.
Read Next:
Photo: courtesy of Coinbase.
