[Compass Point Reiterates Bearish Rating on Coinbase, Citing Intensified Derivatives Competition] According to Decrypt, Compass Point analysts have reiterated their bearish rating on Coinbase with a target price of $140, warning that fierce competition in the derivatives sector will squeeze Coinbase's profit margins. The analysts noted that although Coinbase, through its subsidiary Deribit, has obtained regulatory approval to offer offshore crypto perpetual contracts to U.S. users, the potential entry of Kalshi and Binance heightens the risks. Intense competition and low user switching costs limit Coinbase's pricing power compared to spot trading, particularly among the high-net-worth user group most likely to trade these products.