Bernstein SocGen Hikes Coinbase Price Target, Calls It Most Misunderstood Name in Crypto
Summary
Bernstein SocGen has significantly raised its price target for Coinbase (COIN) to $510, maintaining an Outperform rating. The firm cites Coinbase's competitive advantages, including its S&P 500 status, U.S. trading dominance, stablecoin business, and institutional crypto services. Strategic acquisitions and favorable regulatory developments are expected to drive substantial growth, positioning Coinbase as the "universal bank" of crypto.
Bernstein SocGen Significantly Raises Coinbase Price Target, Citing Underappreciated Growth
NEW YORK, NY – Bernstein SocGen Group has substantially increased its price target for Coinbase Global (NASDAQ:COIN) to $510 from $310, while reiterating an Outperform rating. The firm highlights a comprehensive list of competitive advantages and underappreciated growth drivers that position Coinbase as a dominant force within the rapidly evolving digital asset ecosystem. Following the announcement, Coinbase shares saw an intra-day rise of over 2%.
Bernstein SocGen characterizes Coinbase as the "most misunderstood" entity in its crypto coverage, underscoring its leadership across several critical verticals:
- S&P 500 Inclusion: Coinbase is the sole crypto-native company listed in the S&P 500, signifying its mainstream acceptance and market capitalization.
- U.S. Trading Dominance: The company maintains a commanding share of the U.S. cryptocurrency trading market.
- Stablecoin Leadership: Coinbase operates the largest stablecoin business among exchanges, contributing approximately 15% of its total revenue.
- Strategic Integrations: Ongoing integrations with major platforms like Shopify are further expanding Coinbase's reach and utility.
The firm also points to Coinbase's significant presence in institutional crypto, noting its role in providing custody services for 8 of the 11 Bitcoin ETF asset managers. Recent strategic moves, such as the acquisition of Deribit—the world's largest crypto options exchange—and the operation of Base, a high-performance Ethereum Layer 2 chain, further solidify its market position. Base's adoption by institutions like JPMorgan for its JPMD token underscores its growing importance.
Analysts anticipate that forthcoming regulatory catalysts, including the GENIUS Act and the CLARITY Act, will further legitimize and expand the digital asset landscape. This evolving regulatory environment is expected to create a favorable policy backdrop, supporting Coinbase's continued growth and market expansion.
Bernstein's outlook on Coinbase is notably more bullish than the broader Street consensus, with the firm projecting 2025 and 2026 Earnings Per Share (EPS) to be more than double current consensus estimates. With multiple growth levers actively in motion and increasing regulatory momentum, Bernstein SocGen envisions Coinbase evolving into the de facto "universal bank" of the crypto economy.