The meme coin listed on binancecryptocurrency exchange's stock (COIN) climbed 3% to $355 during Wednesday's trading session, marking its highest closing price since November 2021. This upward movement follows Bernstein analysts significantly raising their price target from $310 to $510 - a 65% increase that's turning heads on Wall Street.
Led by Gautam Chhugani, Bernstein's research team presented multiple catalysts for their revised outlook:
"What many investors miss," Chhugani noted, "is how Coinbase has systematically built financial infrastructure while competitors focused solely on trading volumes." The report compares the company's trajectory to Amazon's evolution from online bookstore to cloud computing giant.
Two regulatory developments are particularly significant:
Since the GENIUS bill cleared the Senate, COIN has rallied 40% as market participants anticipate expanded stablecoin revenue opportunities. The exchange currently receives 50% of USDC reserve revenues as Circle's primary distributor.
Wednesday's close at $355.37 brings Coinbase within striking distance of its November 2021 record close at $357.39. The stock has shown remarkable resilience after Tuesday's 12% surge, suggesting sustained institutional interest rather than speculative trading.
European regulatory approval under MiCA provides additional credibility, making Coinbase the first major exchange to comply with the EU's comprehensive crypto framework. This development could open new institutional client segments while reducing regulatory uncertainty.
As the crypto market matures, Coinbase appears positioned to benefit from both regulatory clarity and its diversified business model - factors that may justify Bernstein's ambitious price target in the coming quarters.
