Coinbase Global (COIN) has been removed from several Russell growth benchmarks, including the Russell 1000 Growth and Russell 3000 Growth indices. This shift may affect index-linked ownership and liquidity.

Recent trading shows how quickly sentiment around Coinbase Global can shift, with an 8.93% 1 day share price return and a 6.08% 7 day share price return contrasting with a 32.68% decline in year to date share price return and a 55.07% decline in 1 year total shareholder return, even though the 3 year total shareholder return is more than double.

If you are looking beyond Coinbase Global for other cryptocurrency related stocks, this could be a useful moment to check out 19 cryptocurrency and blockchain stocks.

So with Coinbase Global dropped from several growth indices, trading at US$159.24 and sitting at a wide discount to the average analyst price target, is the stock now mispriced, or are markets already baking in its future growth?

Most Popular Narrative: 8.7% Overvalued

According to a widely followed narrative from user Ramilk, Coinbase Global's fair value of $146.54 sits below the last close at $159.24, framing the stock as modestly stretched versus that estimate.

The Bybit explosion in February 2025 was one of the largest cybersecurity events in the history of digital assets. A sophisticated social engineering attack on a third party wallet provider allowed attackers to authorise illegitimate transfers and drain over 400 000 Ethereum worth over $1.4 billion USD, sending shockwaves through the market and highlighting persistent security vulnerabilities in crypto infrastructure (Kuhn, 2025; Carter, 2025). The incident exposed how fragile the crypto ecosystem can be when people and policy fail alongside technology and showed the danger of approving transactions without strong real-time anomaly detection (O’Neill and Guadagnuolo, 2025).

Curious how a cybersecurity shock, projected earnings growth, and assumed margins all blend into that fair value for Coinbase Global? The full narrative lays out the math and the reasoning step by step.

Result: Fair Value of $146.54 (OVERVALUED)

However, Coinbase Global's narrative could be challenged if new cybersecurity incidents erode user trust, or if trading activity weakens and compresses its rich future P/E assumptions.

Next Steps

Given the split between risks and rewards around Coinbase Global, this is a moment to look closely at the details yourself and move quickly to form your own view using the 1 key reward and 2 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.