Bernstein Keeps Coinbase Bullish Amid Crypto Volatility
Wall Street firm Bernstein is maintaining its outperform rating and $510 price target on Coinbase (COIN), despite recent bitcoin volatility and a broader crypto market pullback.
In a Monday note led by Gautam Chhugani, Bernstein described the current market as “fragile,” with choppy crypto prices spilling into equities. The firm, however, noted that Coinbase’s core business remains resilient, while speculative excess is mostly confined to smaller “MSTR copycat” plays.
Bernstein’s bullish thesis centers on Coinbase’s shift from spot trading to a full-stack platform, or “everything exchange.” Stablecoins already contribute meaningfully to revenue, and ancillary services like staking, custody, and token issuance provide additional growth potential. The firm also highlighted regulatory clarity as a catalyst that could unlock further expansion and reduce the advantage of offshore competitors.
Near-term drivers include Coinbase’s Dec. 17 product showcase, expected to spotlight tokenized equities, prediction markets, and derivatives, as well as the Base app, which integrates wallets, payments, social features, and token access.
Bernstein frames Coinbase as transitioning into a comprehensive financial platform, with potential to compound through product expansion, regulation, and token offerings, even amid short-term crypto volatility.
At publication, Coinbase shares were up 3.7% at $269.42, suggesting nearly 90% upside to Bernstein’s $510 target.
