Southern 2x Long Coinbase (07711) dropped nearly 13%, trading down 12.87% at HKD 17.74 as of press time, with a turnover of HKD 2.0986 million.

On the news front, Coinbase Global, Inc. reported Q2 total revenue of USD 1.22 billion, down 14% quarter-over-quarter, missing the analyst estimate of USD 1.29 billion. Adjusted EBITDA stood at USD 208 million, marking the 14th consecutive quarter of profitability.

CMB International believes that given the ongoing weakness in crypto market sentiment, it has lowered its FY26-28E total revenue forecast by 15%-17% and reduced the SOTP-based target price to USD 205.0 (from USD 235.0). Although the crypto market as a whole has yet to show signs of recovery, Coinbase Global, Inc. continues to maintain a robust operational trend and steadily increase its market share.