
The cryptocurrency market is experiencing renewed upward momentum. Bitcoin (BTCUSD) is holding strong, stablecoins are going mainstream, and the regulatory fog is finally lifting. Plus, platforms are making crypto more accessible than ever with smoother onboarding, integrated wallets, and a user experience that feels less like code and more like cash.
In the middle of it all stands Coinbase (COIN), the premier U.S. crypto exchange. The company has been quietly evolving into a full-blown financial powerhouse. While most players are still figuring it out, Coinbase has already secured its S&P 500 ($SPX) badge and dominates stablecoin flows.
With Washington warming up to crypto thanks to the GENIUS Act and Circle’s USD Coin (USDCUST) model gaining traction, Coinbase is riding a fresh wave of optimism. Armed with a MiCA license and a fresh European hub in Luxembourg, the company's global push is also turning heads on Wall Street.
That’s why Bernstein analyst Gautam Chhugani recently raised his COIN stock price target to $510. Amid mounting tailwinds and a stellar double-digit surge in 2025, the stock's path to that target may be accelerating faster than expected.
About Coinbase Stock
Founded in 2012, Coinbase is a Delaware-based crypto giant boasting a $90 billion market capitalization. As the second-largest exchange globally, it serves both retail and institutional investors. Beyond trading, Coinbase is expanding through global licenses, acquisitions, and innovations like stablecoin payments and crypto cards, positioning itself as a key architect in the evolution of digital finance.
As Bitcoin climbs and regulation turns favorable, COIN stock is riding a powerful wave. On Wednesday, shares surged more than 3% to touch $369.28 — edging closer to 2021 highs — after Bernstein dubbed Coinbase the “Amazon of crypto.” Bringing stablecoin clarity, the GENIUS Act’s Senate passage also sparked a rally, boosting Coinbase's prospects.
Zooming out, COIN stock has soared 50% on a year-to-date (YTD) basis and a staggering 93% over the past three months. That signals serious momentum for this crypto heavyweight.
A Closer Look at Coinbase’s Q1 Earnings Report
Coinbase’s fiscal first-quarter earnings report, unveiled on May 8, showed strong momentum but fell short of expectations. Revenue jumped 24% year-over-year (YOY) to $2 billion, fueled by active trading and demand for Coinbase One. EPS came in at $0.24, missing estimates, while adjusted net income slipped 23% to $1.94 per share, leaving Wall Street hoping for a stronger beat.
Transaction revenue rose 18% to $1.3 billion, while consumer trading volume hit $78 billion, up 39% YOY despite a sequential dip. Institutional flow reached $315 billion, also up annually. Subscriptions and services jumped 36% to $698.1 million, powered by stablecoin traction and user loyalty. April alone brought in $240 million in transaction revenue, hinting at a potentially stronger Q2 ahead.
Building on its momentum, Coinbase spotlighted the $2.9 billion Deribit acquisition as a bold step into global derivatives, aligning with CEO Brian Armstrong’s vision to unite spot, futures, and options. With rising USDC balances adding stability, the deal is seen as EBITDA-accretive and crucial for scaling institutional flows.
While macro headwinds and crypto swings remain, CFO Alesia Haas noted early Q2 softness in blockchain rewards and subs. Still, management remains confident, banking on global expansion, policy clarity, and a forecast $600 million to $680 million in Q2 subscription and services revenue.
Analysts monitoring Coinbase expect the company’s EPS to be around $5.10 in fiscal 2025 before surging almost 28% annually to $6.52 in fiscal 2026.
What Do Analysts Expect for Coinbase Stock?
With a fresh wave of optimism, Bernstein analyst Gautam Chhugani gave COIN stock an “Outperform” rating and raised his target price from $310 to $510 — the highest on the Street, implying 36% growth. Bernstein sees Coinbase as wildly misunderstood and severely underpriced. With solid earnings upgrades, a fading bear case, and regulatory tailwinds like the GENIUS Act, the analyst believes COIN is now the "Amazon of crypto financial services."
Coinbase’s recent wins back that up — its entry into the S&P 500, dominance in stablecoins, the Deribit acquisition, and more. With a European win now in hand and a fresh suite of crypto innovations unveiled, Bernstein sees Coinbase positioned not just as a player, but the platform to beat in a maturing crypto landscape.
Wall Street leans bullish on COIN with a "Moderate Buy" consensus rating. Out of 29 analysts, 13 now rate it as a “Strong Buy" while one advises a “Moderate Buy" rating. Next, 14 analysts are playing it safe with “Hold" ratings and the remaining analyst is outright bearish with a “Strong Sell” stance.
The stock’s rally over the past few weeks has pushed it past the average price target of $275.40. That's a clear sign of growing investor enthusiasm and bullish momentum.
On the date of publication, Sristi Suman Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.