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Crypto speech Coinbase (COIN) remains 1 of the astir misunderstood companies successful the integer assets space, Wall Street broker Bernstein said successful a probe study Wednesday.
Bernstein raised its Coinbase terms people to $510 from $310, and reiterated its outperform standing connected the stock. The shares Wednesday greeting were much than 4% higher astatine astir $360 successful aboriginal trading.
While broader sentiment leans bearish, Coinbase is cementing its relation arsenic crypto’s "universal bank," and is bridging retail, institutional, and on-chain infrastructure astatine a standard unmatched by peers, the study said.
"Coinbase volition beryllium a beneficiary of the GENIUS Act and soon to travel CLARITY Act," analysts led by Gautam Chhugani wrote.
Bernstein said the speech is the lone crypto-native steadfast successful the S&P 500 and continues to predominate U.S. trading contempt competitory pressure.
Coinbase's stablecoin business, liable for astir 15% of full revenue, is scaling rapidly with integrations similar Shopify, the study noted.
On the organization side, Coinbase powers custody for 8 of the eleven Bitcoin ETF issuers, the broker noted.
With its caller acquisition of Deribit, the largest crypto options speech globally, and the explosive maturation of its Ethereum Layer 2 network, Base, which is already hosting tokenization pilots similar JPMorgan’s JPMD coin, Coinbase is softly assembling the halfway infrastructure of the adjacent fiscal system, the study added.
Read more: Coinbase Is Well Positioned to Benefit From U.S. Crypto Regulatory Clarity: Benchmark
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