Expansion into copper and platinum futures fails to revive Coinbase stock

Coinbase stock (COIN) continues to struggle despite diversification into copper and platinum futures, allowing trades on both metals with less upfront capital. COIN stock has fallen 1.24% (-2.65) to $210.83 in the past 24 hours despite the slight 0.53% (+1.11) pre-market surge to $211.94, bringing the total 5-day drop to 7.62% (-17.39).

Market data shows Coinbase stock has been in a steady decline since its October 2025 high of $387. COIN has plummeted by 44.4% (-168.66) over the past six months and 46% from its peak, but only 6.77% (-15.31) YTD. 

Meanwhile, the COIN stock has extended its losses despite the rollout of platinum and copper futures on January 27 aimed at regaining investor confidence. Coinbase announces that traders can access futures contracts for both metals on its platform, joining previously available silver and gold contracts. 

Coinbase stock decline reflects broader market conditions 

Steven Wu, the COO of digital assets lender Clearpool Finance, says the decline in Coinbase’s stock is related to broader market conditions rather than specific loss of confidence in the company’s execution. He notes that COIN is trading as a high-beta risk asset amid investor shifts toward commodities and yield. 

The Clearpool COO noted that Coinbase’s expansion is more about gradually broadening its role as a derivatives market than about directly hedging crypto volatility. He also cautions that metals are unlikely to offset notable crypto market swings in the short term. 

Allen Ding, the head of Bitfire Research, echoed Wu’s sentiment that the addition of new metals futures is just tactical product diversification rather than a complete strategic hedge. He also noted that deep liquidity for metals remains concentrated at the CME, making Coinbase’s latest futures offerings more of a complementary feature for retaining users than a primary driver of growth.

Ding also observed that these products only diversify the company’s portfolio in the long run, but may not fully protect the business from the crypto market volatility. Wu further noted that regulatory uncertainty around the proposed CLARITY stablecoin framework could affect USDC adoption and Coinbase’s earnings.

Cantor expects COIN price to hit $277 target this year

Ramsey El-Assal, a Cantor Fitzgerald analyst, expects Coinbase to hit its $277 price target despite the recent decline in COIN’s price. The analyst noted the company is evolving into an “everything exchange,” expanding beyond spot crypto trading into a multi-product platform. El-Assal further emphasized that Coinbase’s growing mix of services revenue and subscriptions is expected to enhance operating leverage and support more earnings as the platform grows.  

Meanwhile, Coinbase is facing new PR problems with its overseas marketing approach. Britain’s Advertising Standards Authority has banned three Coinbase posters and a video following 35 complaints.

The ASA argued that the campaign belittles the risks associated with trading crypto. However, Coinbase acknowledged and explained that the advert aims to trigger discussion about the platform’s offerings, and not to promote crypto as a get-rich-quick scheme. 

The ASA banned Coinbase’s “Everything’s fine” advert, which showed people singing funny songs from poor homes. The video advert also showed several financial challenges, such as rising egg prices and a burst sewage pipe/ The words “everything’s fine” appeared alongside each challenging life situation, which was controversial among consumers. 

However, Coinbase responded by denying that the adverts were irresponsible, adding that crypto businesses did not have the inherent social harms associated with gambling, alcohol, or tobacco, which ASA has provided specific guidance on. 

The exchange also argued that it is reasonable to assume consumers will see the adverts as satire. To avoid bad publicity, it clarified that the video was purposely exaggerated for entertainment.

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