What Happened?
Shares of blockchain infrastructure company Coinbase (NASDAQ:COIN) jumped 3.4% in the morning session after several Wall Street analysts raised their price targets on the stock, citing a more positive outlook for digital assets.
The bullish sentiment from Wall Street provided a significant boost, with Piper Sandler increasing its price target on Coinbase to $350 from $190 and Cantor Fitzgerald raising its target to $500 from $292. Analysts at Cantor Fitzgerald pointed to growth in stablecoin revenue and Coinbase's position as crucial infrastructure for the cryptocurrency market as reasons for their optimism.
The move also comes amid broader strength in the crypto market, with Bitcoin trading above $118,500. Positive regulatory news contributed to the upbeat mood after President Trump signed the GENIUS Act, which establishes a U.S. framework for stablecoins—cryptocurrencies pegged to a stable asset like the U.S. dollar. This legislative clarity is seen as a positive step for the entire digital asset industry.
After the initial pop the shares cooled down to $419.31, down 0.1% from previous close.
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What Is The Market Telling Us
Coinbase’s shares are extremely volatile and have had 65 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 3 days ago when the stock gained 3.8% on the news that the broader cryptocurrency market rallied as the U.S. House of Representatives passed three crypto-related bills, including the GENIUS Act, which aims to create a regulatory framework for stablecoins.
This legislative momentum in Washington was seen as a significant step toward providing much-needed legal clarity for the digital asset industry. The positive sentiment lifted the entire crypto sector, with the total market capitalization surging toward $4 trillion. Major cryptocurrencies like Bitcoin and Ether also saw significant price increases.
For Coinbase, the largest U.S.-based crypto exchange, this regulatory progress was perceived as a major tailwind, potentially reducing uncertainty and paving the way for wider adoption of digital assets. The news followed Coinbase's recent reveal of its upcoming 'super app,' called Base, designed to expand the utility of crypto beyond trading.
Coinbase is up 63% since the beginning of the year, and at $419.31 per share, it is trading close to its 52-week high of $419.78 from July 2025. Investors who bought $1,000 worth of Coinbase’s shares at the IPO in April 2021 would now be looking at an investment worth $1,277.
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