KEY TAKEAWAYS

• Coinbase (COIN) recently showed a previous close around $164.915, with a 52-week high/low of about $444.645 and $139.36.
• COIN is a crypto-cycle stock, meaning its investment case is closely tied to Bitcoin sentiment, trading activity, custody revenue, and regulatory clarity.
• WEEX users can trade COIN as a stock-linked USDT futures contract, which provides price exposure but does not mean owning Coinbase shares.
• A practical 2026 base-case range is $150 to $220 if crypto trading activity stays healthy and institutional adoption remains steady.
• COIN could recover toward $260 to $320 in a stronger crypto bull market, but downside toward $110 to $135 is possible if volumes and risk appetite weaken.

Investment snapshot: what drives…