Bernstein Maintains Bullish Call on Coinbase Despite Crypto Volatility
Wall Street firm Bernstein is sticking with its most aggressive call on Coinbase (COIN), maintaining an outperform rating and a $510 price target, even as bitcoin volatility and a broader market pullback have shaken crypto-linked equities.
In a Monday note led by analyst Gautam Chhugani, Bernstein described the current environment as “fragile,” with choppy crypto price action spilling over into public markets. Still, the firm argued this downturn differs from past crypto crashes, as underlying businesses like Coinbase remain resilient, while speculative excess is concentrated in smaller “MSTR copycat” plays.
At the core of Bernstein’s bullish thesis is Coinbase’s push to reduce reliance on spot trading and become an “everything exchange”—a full-stack platform offering more than a single-product crypto venue. Stablecoins already contribute meaningfully to revenue, but ancillary services like staking and custody remain undervalued by investors.
The firm highlighted that clearer U.S. regulations could boost Coinbase’s growth, re-rate underappreciated business lines, and narrow the edge previously enjoyed by offshore competitors. Coinbase’s expansion into token issuance via a launchpad model also creates a flywheel effect, generating success fees and higher trading volumes, with Monad’s listing cited as proof of demand.
Near-term catalysts include Coinbase’s Dec. 17 product showcase, expected to feature offerings such as tokenized equities, prediction markets, and derivatives, positioning the company closer to traditional broker-dealers like Robinhood (HOOD). Bernstein also noted Coinbase’s Base app as a consumer on-ramp integrating wallets, payments, social features, and broader token access.
Bernstein sees Coinbase transitioning from a spot-driven exchange to a comprehensive services platform, capable of compounding through regulatory clarity, new issuances, and a growing product suite, even as short-term sentiment remains tied to crypto volatility.
At publication, Coinbase shares were up 3.7% at $269.42, implying nearly 90% upside to Bernstein’s $510 price target.
