Bernstein Raises Coinbase Price Target to $510 Amid Strong Market Position
Wall Street broker Bernstein released a report on Coinbase (COIN), stating it is often misunderstood in the crypto market.
- Price target raised to $510 from $310 with an outperform rating.
- Shares increased by over 4% to around $360 in early trading.
- Coinbase is recognized as a "universal bank" in crypto, bridging retail and institutional sectors.
- Expected benefits from the GENIUS Act and CLARITY Act.
- Only crypto-native firm in the S&P 500, dominating U.S. trading despite competition.
- Stablecoin business accounts for approximately 15% of total revenue, growing through integrations like Shopify.
- Powers custody for eight of eleven Bitcoin ETF issuers.
- Acquired Deribit, the largest global crypto options exchange.
- Base network supports tokenization pilots, including JPMorgan's JPMD coin.