Coinbase Global came about as close to posting an earnings "beat" as a company can while reporting a $2.6 billion annual loss on Tuesday—and analysts have turned more bullish on the stock in turn. But there's a good case for investors to remain cautious on the beaten-down cryptocurrency broker's shares.
One of the most popular digital asset trading platforms, Coinbase is the closest thing to a crypto blue-chip. The company's $557 million fourth-quarter loss on revenue of $629 million was altogether better than the $585 million loss on revenue of $588 million eyeballed by analysts. But it still wasn't great.