Taking out revenues, since June 18 Coinbase abnormal stock price has rocketed by an immense 38%. This increase is propelled by extremely favorable regulatory advancements combined with a bullish analyst report. The current surge stems from the U.S. Senate unanimously passing a bill to establish a regulatory framework for stablecoins. Further, an excellent analyst report from Bernstein, a global equities house and research boutique, has stoked this momentum. The stock was up 2% on Wednesday, hitting an all-time high of $369 as the market opened before closing the day around $352.
Coinbase, which is the largest crypto exchange in the U.S., has long been seen as the preeminent crypto stock on the market. The company is likely to come out ahead from the recent Senate bill that would create a regulatory framework for stablecoins. Coinbase’s deepening stablecoin business puts them more firmly at the center of this emerging and changing landscape. The GENIUS Act still has to get through the House of Representatives. That’s the only way it will become law. Coinbase stands to benefit from another piece of legislation soon to make its way through Congress.
Bernstein analyst Gautam Chhugani wrote a note raising Coinbase’s stock price target to $70 from just $30. By the end of 2027, he increased it from $310 to $510, showing a 65% increase.
"the most misunderstood company in our Crypto coverage universe" - Gautam Chhugani
Chhugani's bullish outlook underscores the potential he sees in Coinbase's diverse operations.
"It is the only crypto company in the S&P 500, dominates U.S. crypto trading market, runs the largest stablecoin business amongst exchanges, dominates institutional crypto, acquired the largest global crypto options exchange Deribit, and runs the largest and fastest chain, Base, on Ethereum" - Chhugani
More bullish analysts, like Devin Ryan at Citizens Bank, think there’s plenty of room for Coinbase to grow.
