Benchmark Sees Bright Horizon for Coinbase, Kicks Off Coverage With Bullish $252 Target
Benchmark has initiated coverage on Coinbase (COIN) with a buy rating and a $252 price target, underscoring the exchange’s leadership in the U.S. crypto space and its strategic position ahead of anticipated regulatory shifts.
According to the report released Wednesday, Coinbase controls an estimated 66% of the domestic crypto trading market, making it the most scaled platform in the country. Shares responded positively, rising over 4% in early trading to near $198.
Lead analyst Mark Palmer praised Coinbase for offering an end-to-end digital asset platform that serves both retail traders and institutional clients, calling it a “cornerstone of crypto infrastructure.”
Benchmark believes the stock’s nearly 50% drop since December has created a compelling entry point, particularly as the U.S. edges closer to regulatory clarity—especially in the stablecoin sector, where Coinbase plays a key role through its partnership with USD Coin (USDC).
Regulatory momentum appears to be accelerating: earlier this month, a key House committee advanced stablecoin legislation in step with the Senate, signaling potential passage in the near term.
“With comprehensive digital asset laws on the horizon, institutional demand could surge—and Coinbase is well-positioned to capture that inflow,” Palmer wrote.
Beyond trading, Benchmark pointed to Coinbase’s fast-growing subscription and services segment, suggesting that the company’s evolving revenue mix could boost its long-term valuation significantly.
