Coinbase Stock Reaches Highest Price Since April 2021 Listing
Coinbase (COIN) shares reached their highest level since its April 2021 Nasdaq debut, closing up 5.5% at $382 after previously dropping over 90% during the 2022 crypto winter.
Key points include:
- COIN has more than doubled in value since early April.
- The 2021 listing marked a peak for the digital asset industry.
- Investors view Coinbase as a long-term leader, driven by stablecoin adoption and institutional participation.
- Coinbase launched Coinbase Payments on its Ethereum layer-2 network, enabling merchants to accept USDC payments easily.
- The company has a revenue-sharing agreement with Circle, benefitting from the growing stablecoin market.
- Market conditions are favorable, with equity indexes reaching record highs.
- Benchmark raised its price target for COIN to $421, citing strong positioning for upcoming U.S. regulations.
- Bernstein set an ambitious target of $510, suggesting Coinbase is becoming a "universal bank" for crypto.