PANews reported on February 11th that, according to CoinDesk, Coinbase's stock price has fallen by over 50% since Bitcoin broke through the $126,000 high last October, with a projected decline of 27% by 2026. JPMorgan lowered its target price for Coinbase from $399 to $290 before the earnings release, but maintained its "overweight" rating, anticipating a 75% upside from the current price of $165. Analysts expect adjusted EBITDA of $734 million for the fourth quarter, down from $801 million in the previous quarter, primarily due to reduced trading volume, weak crypto prices, and slower USDC growth. Spot trading volume for the quarter is expected to be $263 billion, with USDC-related revenue of $312 million. The acquired Deribit exchange contributed approximately $117 million in trading revenue, pushing total trading revenue to $1.06 billion. Subscription and service revenue is expected to be $670 million, below the company's previous guidance range of $710-790 million, reflecting weak crypto prices and declining staking yields. The company's operating expenses are expected to be lower than the guidance level.