PANews reported on March 11 that according to The Block, the share price of the US crypto exchange Coinbase fell nearly 20% during Monday's trading session. Affected by the broader market sell-off and Nasdaq's worst trading day since 2022, the stock has fallen by about 25% this year. However, analysts at Mizuho Securities are not worried about the sell-off. Analysts led by Dan Dolev wrote in a client report: "Since we last updated the model on February 20, Bitcoin (BTC) has fallen from about $98,000 to about $79,000, and COIN's share price has fallen by about 30% (compared to a 9% drop in the S&P 500). Although the overall valuation multiples of the technology industry have declined, which makes some valuation multiples compression reasonable, we believe that the decline in COIN's share price is too large."

As of February 20, Mizuho Securities forecast that Coinbase's platform would have an average daily spot trading volume of $4.5 billion in the first quarter of 2025. Despite the decline in Bitcoin prices in the past few weeks, the company said that daily spot trading volume has risen to an average of $5 billion since that date. As a result, Mizuho Securities raised its revenue estimate for the quarter from $2.23 billion to $2.31 billion. Mizuho Securities said that Coinbase's stock price should be closer to its revised target price of $217. Dolev said that Coinbase's retail rates are still high, and the company is concerned that "over time, a friendlier regulatory environment under the Trump administration and the existence of a Bitcoin ETF may increase competition, leading to price compression."