Benchmark Ups Coinbase Target to $421, Cites Tailwinds From U.S. Crypto Regulation
Benchmark has lifted its price target for Coinbase (COIN) to $421 from $310, reiterating a buy rating as signs emerge that U.S. crypto regulation may soon bring greater clarity to the industry.
In a report published Monday, Benchmark analysts said Coinbase stands to benefit from the proposed crypto market structure bill introduced in the House of Representatives earlier this month, which could reshape the regulatory landscape for digital assets.
Despite this positive view, shares of Coinbase fell 1.6% in early trading, reflecting broader market caution amid escalating tensions in the Middle East.
Coinbase’s stock has shown strong momentum, climbing 23% last week after the Senate passed the bipartisan stablecoin GENIUS Act and the exchange secured a MiCA license in Luxembourg. That license paves the way for Coinbase to offer crypto services throughout the 30-nation European Economic Area.
“The CLARITY Act aims to establish a robust framework for digital asset regulation in the U.S., offering much-needed guidance for how the government will oversee crypto markets,” said Benchmark analyst Mark Palmer. He emphasized that regulatory clarity is critical to unlocking further institutional participation in the crypto space.
Benchmark also highlighted that the passage of the CLARITY Act could boost Coinbase’s staking business, creating another avenue for revenue growth.
