ChainThink message, according to The Block, Bernstein analysts released a research report following Coinbase's Q1 earnings announcement, maintaining their "Outperform" rating and $330 target price.

Coinbase generated $1.41 billion in revenue for Q1, 5% below expectations; adjusted EBITDA reached $303 million, 26% below forecasts;

Net loss amounted to $394.1 million, including $482 million in unrealized losses from its crypto portfolio. Spot trading volume declined by 25% quarter-over-quarter to $20.2 billion, while monthly active trading users dropped 10% to 8.2 million.

Bernstein noted that growth in Coinbase’s derivatives, prediction markets, and payment services could serve as potential upside catalysts: retail derivatives annualized revenue exceeds $200 million, institutional derivatives (Deribit) exceeds $250 million annually, and prediction market annualized revenue surpassed $100 million by March.

Base network stablecoin trading volume has increased tenfold year-over-year, with over 90% of AI agent stablecoin transactions occurring on this network.