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Despite Coinbase’s second quarter milestones, not all is rosy for the crypto exchange as it gets set to discuss its Q2 results tomorrow.

Coinbase’s stock price roughly doubled during the quarter — performance Oppenheimer analysts attributed to its S&P 500 inclusion and progress around the GENIUS Act (progress that led to its ultimate passage earlier this month).

COIN shares were trading around $382 on Wednesday at 1:30 p.m. ET — up 9% from a month ago. 

And yet, in other ways, COIN’s setup ahead of the quarterly print is “unfavorable,” Oppenheimer’s Owen Lau and…

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