Ahead of Coinbase's Q2 earnings discussion, analysts present a mixed outlook despite notable achievements. Coinbase’s stock price increased significantly, nearly doubling during the quarter due to its inclusion in the S&P 500 and progress related to the GENIUS Act. After trading around $382, Oppenheimer analysts forecast a decline in Q2 trading volume to about $220 billion, a decrease of 44%. Analysts emphasize transaction volume as crucial for Coinbase’s largest revenue stream. Morningstar's Michael Miller suggests that while USDC has gained momentum, Coinbase is still heavily reliant on trading revenue. Despite boosting his fair value estimate for COIN shares, Miller considers them overvalued given market reactions to crypto surges. Oppenheimer, on the other hand, sets a 12-18 month price target of $417, citing strength in US derivatives and International Exchange. Coinbase has partnered with JPMorgan Chase to allow customers to link bank accounts to wallets, highlighting its regulatory connections and expectations for the CLARITY Act. Analysts seek additional updates on expenses and July trading revenue during the earnings call.

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