JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Investing.com - Barclays raised its price target on {{1172292|{{1172292|{{1172292|Coinbase}}}} Global Inc. (NASDAQ:COIN)}} stock to $365.00 from $352.00 while maintaining an Equalweight rating following the company’s completed acquisition of crypto options exchange Deribit. The stock, which has gained nearly 65% over the past year and currently trades at a P/E of 28.5, continues to show significant momentum. InvestingPro data reveals the company maintains a GOOD financial health score, with analyst targets ranging from $185 to $510.
Coinbase announced Thursday the closure of its $2.9 billion acquisition of Deribit, revealing that July transaction revenues from the acquired platform exceeded $30 million. The third quarter financial results will include Deribit’s transaction revenues from August 14 through September 30.
The cryptocurrency exchange disclosed that Deribit will add $10 million to technology and development (T&D) and general and administrative (G&A) expenses in the third quarter, representing an annual run-rate of approximately $80 million. Coinbase indicated that sales and marketing expenses related to the acquisition would be immaterial.
Coinbase also mentioned a "material" but unquantified increase in deal-related amortization, which Barclays noted should not impact adjusted EBITDA or adjusted EPS metrics.
Barclays estimates the deal appears approximately 5% accretive to adjusted EBITDA per share, based on an annual run-rate of roughly $280 million in adjusted EBITDA as implied by third-quarter-to-date revenues and expenses, while accounting for 11 million in incremental shares and the loss of interest income on approximately $700 million of corporate cash. With a current market capitalization of $83.5 billion and strong liquidity metrics, InvestingPro analysis suggests the stock is trading above its Fair Value, with 10+ additional ProTips available for subscribers.
In other recent news, Coinbase Global, Inc. has completed its acquisition of Deribit, enhancing its position as a comprehensive crypto derivatives platform. This acquisition follows Deribit’s report of record trading volumes in July 2025, surpassing $185 billion, with significant open interest on its platform. Additionally, Coinbase has priced $2.6 billion in convertible senior notes in a private offering to institutional buyers, an increase from the initially announced $2.0 billion. Mizuho has raised its price target for Coinbase to $267, citing improved trading volumes, while maintaining a Neutral rating on the stock.
{{1222035|{{1222035|Thumzup}} Media Corporation}} has raised $50 million to expand its cryptocurrency holdings and mining operations. The company announced an expanded strategic relationship with Coinbase to support its cryptocurrency accumulation and mining strategy. Thumzup plans to use the raised funds to diversify its crypto portfolio and acquire mining equipment. Coinbase Prime will continue to serve as Thumzup’s custodian and prime broker, offering institutional-grade trading and financing solutions. These developments reflect Thumzup’s efforts to strengthen its position in the cryptocurrency market.
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