Overview
- Bank of America raised Coinbase to Buy from Neutral and kept its $340 price target, noting improving prospects after recent product launches.
- Analysts highlighted Coinbase Tokenize, which packages issuance, custody and compliance for asset managers while leveraging the exchange’s large client base.
- Base, Coinbase’s Ethereum layer-2 network, is viewed as core infrastructure; a potential native Base token could raise billions, though Coinbase has not announced one.
- The company is broadening beyond crypto trading with 24/5 stock and ETF access, prediction markets via Kalshi, and expanding onchain offerings that reduce reliance on spot volumes.
- Shares trade roughly 40% below July highs, with sentiment aided by a recent Goldman Sachs upgrade and signs of a friendlier U.S. regulatory backdrop.