Bernstein hikes price target to $510 as COIN cements dominance across trading, custody, and blockchain services
Coinbase (COIN) stock rallied Wednesday after analysts at Bernstein issued a bullish note, dubbing the company the “Amazon of crypto financial services” and lifting their price target to $510 from $310. Shares rose as much as 3% in early trading to around $358—flirting with all-time highs last seen in November 2021.
“Coinbase is the most misunderstood company in our Crypto coverage universe,” wrote Bernstein analyst Gautam Chhugani and his team. They highlighted the company’s diversified growth strategy, which now spans far beyond retail trading to include institutional custody, the Base blockchain ecosystem, and Prime lending operations.
As the only crypto-native company in the S&P 500, Coinbase is deeply embedded in the U.S. digital asset infrastructure. Bernstein noted its leading role in the stablecoin market and its position as custodian for the majority of U.S. spot bitcoin ETFs. The analysts also emphasized Coinbase’s enduring market share, despite growing competition and regulatory headwinds.
Chhugani dismissed bearish arguments, stating that “traditional brokerage competition is several months away from launch, which is an eternity on crypto timelines.”
Coinbase CEO Brian Armstrong echoed the firm’s reach, posting on X that Coinbase supports crypto integration for around 200 banks, brokerages, fintechs, and payment platforms.
The recent surge in COIN—up over 40%—also follows the Senate’s passage of the GENIUS Act, which aims to provide a clear regulatory framework for stablecoins, potentially benefiting firms like Coinbase with large exposure to the stablecoin economy.
With momentum building across regulatory, institutional, and infrastructure fronts, analysts and investors are increasingly viewing Coinbase not just as a crypto exchange—but as a foundational player in the next generation of financial services.
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