Crypto Exchange Coinbase (Coin) is still one of the most misunderstood companies in the digital assets space, Wall Street broker Bernstein said in a research report on Wednesday.
Bernstein raised his coin base price target for $ 510 from $ 310 and repeated his outperform rating on the stock. The shares Wednesday morning were more than 4% higher at about $ 360 in early trade.
While broader mood leans Bearish, Coinbase cements its role as Crypto’s “Universal Bank” and bridge offenses retail, institutional and on-chain infrastructures on a scale that is unmatched by peers, the report said.
“Coinbase will be a recipient of the ingenious action and soon follow the law of clarity,” analysts wrote by Gautam Chhugani.
Bernstein said the exchange is the only crypto-native company in the S&P 500 and continues to dominate US trade despite competition.
Coinbase’s StableCOin business, which is responsible for approx. 15% of total revenue, scales quickly with integrations like Shopify, noted the report.
On the institutional side, Coinbase operates -parent authority for eight of the eleven Bitcoin ETF issuers, the broker noted.
With its recent acquisition of abolition, the largest crypto options are exchanged globally and the explosive growth of its Ethereum Layer 2 network, Base, which already hosts tokenization pilots such as JPMorgan’s JPMD coin, Coinbase Quietly collects the core Infrastructure of the next economic system, the report added.
Read more: Coinbase is well placed to take advantage of us crypto regulatory clarity: benchmark
