June 25, 2025

Wall Street brokerage Bernstein has significantly raised its price target on Coinbase Global Inc. (NASDAQ: COIN) from $310 to $510, citing the company’s unmatched role in the crypto ecosystem and calling it the “most misunderstood business in digital assets.”

In a research note released Wednesday, Bernstein analysts reiterated an Outperform rating on the stock, which rose over 4% in early trading to around $360.

“Coinbase is cementing its role as crypto’s universal bank,” wrote lead analyst Gautam Chhugani, “bridging retail, institutional, and on-chain infrastructure at a scale that remains unmatched by any peer.”

Institutional Leadership & Product Expansion

Bernstein’s bullish stance is rooted in Coinbase’s expanding footprint across both traditional finance and decentralized infrastructure:

ETF Custody: Coinbase provides custody services for 8 of the 11 approved U.S. Bitcoin ETFs, giving it significant institutional exposure.

Derivatives Market: Its recent acquisition of Deribit, the world’s largest crypto options exchange, positions Coinbase as a key player in the global crypto derivatives market.

Stablecoin Growth: The company’s stablecoin business, which contributes approximately 15% of revenue, is scaling quickly through integrations with platforms like Shopify.

Layer 2 Momentum: Coinbase’s Ethereum Layer 2 network, Base, is seeing rapid adoption and already hosts tokenization pilots, including JPMorgan’s JPMD Coin.

Regulatory Tailwinds

Bernstein also highlighted Coinbase’s unique positioning in relation to upcoming U.S. crypto legislation. The company is expected to benefit from the bipartisan GENIUS Act, with the CLARITY Act also expected to provide clearer guidelines for digital asset markets.

Notably, Coinbase remains the only crypto-native company included in the S&P 500, underscoring its institutional credibility.

Outlook

The report asserts that despite bearish sentiment in some parts of the market, Coinbase is quietly building the core infrastructure of a next-generation financial system, placing it in a class of its own.

“The market continues to misprice Coinbase’s strategic footprint,” the report concluded, “but that may not last much longer.”

As of today, Coinbase stock is trading well below Bernstein’s new target, offering, in their view, a substantial upside opportunity for long-term investors.