Coinbase Slides 3% as Analysts Split on 2025’s Hottest IPO Stock

Coinbase (COIN) extended its recent choppy trading on Tuesday. As of 10:30 a.m. ET on July 7, the stock stood at $163.20, down 3.36% from the prior close of $168.87, with an intraday low of $161.69 and a high of $170.10. The move comes as multiple financial media outlets name Coinbase among the most-watched IPO stocks for 2025, though analysts remain divided on its outlook.^{[Investor's Business Daily]}

2025’s Most-Subscribed IPO Stocks Draw Attention

Investor’s Business Daily recently noted that as tech giants like SpaceX push toward public listings, the 2025 IPO market is heating up. The outlet named Coinbase among “2025’s most-subscribed IPO stocks” and suggested that SpaceX’s listing — which could land it in the Nasdaq-100 — may indirectly shift sentiment across the IPO space.^{[Investor's Business Daily]}

SpaceX is reportedly targeting an IPO that would raise over $75 billion, with a planned listing date of June 12, 2026 — potentially one of the largest IPOs in history. Meanwhile, AI company Anthropic has confidentially submitted a draft S-1 to the SEC and retained Freshfields as legal counsel; OpenAI is also preparing for an IPO but may delay until 2027 due to market uncertainty.^{[Crypto Briefing]}

Goldman: Some Stocks Are Undervalued, but Coinbase Isn’t Named

In a July 5 note, Goldman Sachs flagged a handful of stocks it considers undervalued and “well positioned” to outperform. Analyst Kate McShane pointed to auto-parts retailer O’Reilly Automotive and others that have been under pressure from multiple headwinds but still boast solid fundamentals and outperformed peers in Q2.^[CNBC]

The Goldman note also mentioned NetEase, Tradeweb Markets, and Liftoff Mobile — but did not name Coinbase. That omission suggests that while Coinbase is a hot topic in IPO chatter, Wall Street’s top banks remain cautious on its valuation and growth story.

Analysts Split on Coinbase’s Outlook

Opinions on Coinbase’s next move are sharply divided. Bulls argue that as the crypto market recovers from its 2022 trough, Coinbase’s trading volumes and revenue should keep growing. The approval of bitcoin ETFs and institutional inflows could also open new revenue streams.

Bears, however, point to persistent regulatory overhang. The SEC continues to pursue enforcement actions against crypto exchanges, and Coinbase itself is fighting a lawsuit from the regulator. Competition from Binance.US and Kraken, along with crypto’s inherent volatility, could also pressure profitability.

Markets Eye IPO Sector Momentum

With SpaceX, Anthropic, and OpenAI all advancing their IPO timelines, the IPO sector is drawing increasing attention. According to Crypto Briefing, prediction-market data shows a 75.5% probability that Anthropic will go public by December 31, 2026, versus just 21.5% for OpenAI in the same period.^{[Crypto Briefing]}

The pricing and aftermarket performance of these mega-IPOs could set a valuation benchmark for the entire tech and IPO sector. For Coinbase, already a publicly traded crypto proxy, its stock price will likely be influenced by these events.

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