Crypto Exchange Coinbase (Coin) remains one of the most ill -understood companies in the space of digital assets, the Wall Street broker said in a research report on Wednesday.
Bernstein has increased his goal of Coinbase course to $ 510, against $ 310 and reiterated his outperformance note on action. The shares Wednesday morning was greater than 4% at around $ 360 at the start of negotiations.
While the wider feeling leans Bearsh, Coinbase cements its role as “universal bank” of crypto, and arises of retail, institutional and chain infrastructures on a scale unrivaled by its peers, according to the report.
“Coinbase will be a beneficiary of the law on engineering and to soon follow the law on clarity,” wrote the analysts led by Gautam Chhugani.
Bernstein said that exchange is the only crypto-swimming company in the S&P 500 and continues to dominate US trade despite competitive pressure.
Coinbase Stablecoin activity, responsible for around 15% of total income, is quickly on a scale with integrations like Shopify, noted the report.
On the institutional side, Coinbase feeds the guard of eight of the eleven Bitcoin ETF emitters, noted the broker.
With its recent deribit acquisition, the largest exchange of crypto options in the world, and the explosive growth of its Ethereum Layer 2 network, which already hosts tokenization pilots like JPMD JPMorgan Coin, Coinbase quietly assembles the central infrastructure of the next financial system, added the report.
Find out more: Coinbase is well placed to benefit from the regulatory clarity of cryptography: benchmark
