Coinbase target raised amid volume slump

• Goldman Sachs Crypto Calls: A Secondhand Signal, Not a Verified Report
• The Numbers Behind Goldman Sachs Crypto Call
• What Does the Bitcoin Chart Say?

In Goldman Sachs crypto news, the financial institution maintained buy ratings on Coinbase Global and Robinhood Markets on August 25, raising its Coinbase price target to $196 from $173 and setting a new $124 target on Robinhood, according to a report by analyst James Yaro.

The call landed as Bitcoin ripped roughly 26% higher over the week, touching an intraday high near $81,000 before easing back toward $79,000 on profit-taking.

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Here is the tension beneath Goldman’s bullishness: crypto trading volume fell by 30% in July and another 21% in August, leaving activity roughly 75% below its recent peak, per the same report.

Goldman is betting that rising prices and new revenue lines can carry crypto stocks even while the trading engine underneath them idles.

Goldman Sachs Crypto Calls: A Secondhand Signal, Not a Verified Report

The Goldman figures were summarized in an August 25 post on X by the account CryptoRednirav, which described the bank as cautiously bullish on crypto for the second half of 2026.

That post is a commentator’s recap rather than Goldman’s own verified release, and it should be read as a secondary signal pointing to the underlying research, not as a primary document in its own right.

Goldman’s optimism isn’t purely a spot-market bet. Coinbase and Robinhood have both pushed into prediction markets, tokenized stocks, and perpetual futures, products that can generate fees regardless of whether people are actively buying and selling Bitcoin or Ethereum.

Coinbase’s prediction-market business reportedly reached $100M in annualized revenue less than two months after launch, according to a July examination cited by crypto.news, with sports contracts driving much of the early volume.

Robinhood, meanwhile, launched Robinhood Chain in July, an Ethereum layer-2 network built for tokenized stocks; Bernstein separately projected Robinhood’s prediction-market revenue could climb from $150M in 2025 to $586M in 2026.

Neither business is risk-free; several state regulators have challenged whether certain Coinbase sports contracts amount to unlicensed gambling, and tokenized shares don’t carry the voting or ownership rights of ordinary stock.

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The Numbers Behind Goldman Sachs Crypto Call

Goldman’s report indicates that the current volume slowdown in crypto is longer than in previous contractions, although total market capitalization has rebounded 21% to $2.8 trillion, a move that could spur increased trading activity if sustained.

Regulatory uncertainty is the main concern for institutional investors, with 35% citing it as a barrier to entry. The SEC has proposed Regulation Crypto Assets, including a fundraising exemption for startups and specific disclosure requirements, but it does not exempt all token transactions from federal securities law.

Goldman also reported about $86.5M in exposure through five spot XRP exchange-traded funds, after previously holding no positions. The bank is set to acquire Neos Investments for up to $2.25Bn to enhance its asset-management offerings, pending regulatory approval.

What Does the Bitcoin Chart Say?

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Bitcoin’s breakout above $80,000 came with almost 75% higher 24-hour trading volume, even as the broader monthly trend in crypto activity points downward. In the bull case, holding the $80,000 zone after this pullback reinforces the recovery narrative Goldman is pricing into Coinbase and Robinhood shares.

In the base case, Bitcoin churns between roughly $79,000 and the $81,000 high with Goldman’s thesis resting on volume recovery rather than price alone. In the bear case, a failed hold below $80,000 alongside continued volume declines would undercut the near-term case for both stocks.

Coinbase shares gained more than 21% over the week, and Robinhood about 12%, according to the market data cited in Goldman’s report, a reminder that both remain highly geared to Bitcoin’s price action, Bitcoin ETF flows, and whatever Washington decides on market-structure rules next.

Investors were also watching Wednesday’s US personal consumption expenditures inflation report, which can move Treasury yields and, by extension, risk appetite for Bitcoin and crypto equities alike.

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In This Article

• Goldman Sachs Crypto Calls: A Secondhand Signal, Not a Verified Report
• The Numbers Behind Goldman Sachs Crypto Call
• What Does the Bitcoin Chart Say?

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