COIN is trading at 3.4% down now at $247.20 after Argus downgraded the stock from Buy to Hold on November 25, 2025, citing valuation concerns as shares trade at significantly higher multiples than peer exchanges. The downgrade highlighted that COIN's P/E and Price/Book ratios are elevated, and that volatility and increased expenses may deter some investors. This follows a recent Goldman Sachs price target cut and continued pressure on crypto-related stocks, with Bitcoin also declining below key levels. Trading activity is active as the stock reacts to these analyst actions and broader sector weakness.