The Crypto Exchange Coinbase (coin) remains one of the most misunderstood companies in the digital assets space, Wall Street Broker Bernstein said in a research report Wednesday.
Bernstein raised Coinbase’s target price to $ 510 from $ 310, and reiterated its outperform rating in stock. Sharing Wednesday morning is more than 4% higher around $ 360 in early trading.
While the broader emotion depends on the bearish, Coinbase cement its role as the “Universal Bank,” of crypto, and the bridging of retail, institutional, and on-chain infrastructure on a scale that does not match peers, the report said.
“The Coinbase will be a beneficiary of the Genius Act and soon to follow the Clarity Act,” written by analysts led by Gautam Chhugani.
Bernstein said the exchange was the only crypto company-native to the S&P 500 and continued to lead the US trade despite competitive pressure.
Coinbase’s stablecoin business, which is responsible for approximately 15% of total income, is rapidly measuring integrations such as integrations such ShopifyThe report mentioned.
On the institutional side, Coinbase’s caution was cautious for eight of the eleven Bitcoin ETFs who gave, the broker said.
With the recent acquisition of DerivativesThe biggest crypto options are the worldwide exchanging, and the explosive growth of the Ethereum Layer 2 network, base, which has already shown tokenization pilots such as JPMORN’S JPMD CoinCoinbase quietly assembles the main infrastructure of the next financial system, the report added.
Read more: Coinbase is well positioned to benefit from US Crypto Regulatory Clarity: Benchmark
