Monness Crespi Hardt downgraded Coinbase Global Inc. to Neutral from Buy on Monday, saying the exchange’s valuation looks stretched without an accompanying inflection in transaction volumes or broader real-world adoption of crypto payments. Analyst notes cite several supportive developments—including the recently enacted GENIUS Act, Circle’s planned initial public offering and progress on the bipartisan CLARITY Act—but argue the current crypto upswing appears late-stage. The firm wants to see a sustained pickup in activity on Coinbase’s Base layer-2 network before turning more positive. Monness recommends investors lock in gains ahead of Coinbase’s second-quarter earnings release and suggests a potential re-entry point near $275 a share, assuming earnings momentum holds in the second half.