Coinbase (COIN) Could Soar 90% as ‘Everything Exchange’ Vision Takes Shape
Bernstein maintains a $510 price target on Coinbase, projecting 90% upside based on its 'everything exchange' strategy.Summary
Wall Street broker Bernstein reaffirmed its outperform rating and $510 price target on Coinbase (COIN), suggesting nearly 90% upside despite crypto market volatility. The bullish thesis centers on Coinbase's strategic pivot from a spot-trading exchange to an "everything exchange" and full-stack financial platform, reducing reliance on volatile spot trading.
Bernstein analysts noted that while the current crypto downturn appears less severe than past busts, Coinbase's durable shifts in monetization—including stablecoin revenue and ancillary businesses like staking and custody—are key. Clearer U.S. regulatory rules are anticipated to be a major catalyst, accelerating expansion and narrowing the gap with offshore rivals. Furthermore, Coinbase is leaning into a launchpad model for token issuance, which could generate success-fee income.
A near-term catalyst is the scheduled Dec. 17 product showcase, expected to highlight extensions beyond spot trading, such as tokenized equities and prediction markets, alongside growth in derivatives. The Base app is also seen as a crucial consumer on-ramp blending wallet, payments, and social features, solidifying the platform's evolution.
(Source：CoinDesk)