Goldman Sachs Upgrades Coinbase to Buy, Downgrades Etoro to Neutral

Published at 2026-01-05 14:15:08

Goldman Sachs has moved to upgrade Coinbase to a Buy and downgraded Etoro to Neutral, signaling a selective confidence in major crypto brokers as the bank assesses the roadmap to 2026. The firm described its stance as “cautiously optimistic” about brokers and crypto firms, suggesting it sees improving fundamentals but is still weighing regulatory and competitive risks.

The split call matters because it frames where institutional and retail flows might concentrate in the coming years: upgrades can lift sentiment and capital into favored platforms, while downgrades point to execution or positioning concerns. For investors and industry watchers, Goldman’s stance underscores that the path to sustainable revenue and growth remains uneven across exchanges and brokerages even as the sector stabilizes.

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