As analysts call Crypto Services’ “One Stop Amazon,” a surge in Coinbase stocks hovering near the record
Coinbase (coin) Shares recovered on Wednesday as Bernstein analysts named the cryptocurrency platform “One Stop Amazon.”
Early trading reached 3%, and records have been approaching since November 2021.
“Coinbase is the most misunderstood company in the crypto coverage universe,” Bernstein analyst Gautam Chhugani and his team wrote Wednesday morning, increasing their stock price target from $310 to $510.
As the only cryptocurrency company on the S&P 500 (^gspc), Coinbase controls US crypto trading, runs the largest Stablecoin business on the exchange, and acts as the manager of the assets underlying the majority of Spot Bitcoin ETFs in the US, said Bernstein’s analysts.
“Coin has also added some of the fastest growing businesses, including institutional custody, basic blockchain services and prime lending desks.
Analysts pointed out that Bear’s paper on Coinbase has not been developed.
“Coinbase’s market share is continuing despite new competition,” writes Chhugani. “The competition for traditional brokerage companies is months away from launches and is the eternal crypto timeline.”
Even Coinbase’s leadership emphasizes the breadth of the company.
“Thank you: @coinbase I write X co-founder and CEO Brian Armstrong on Wednesday morning, written by X co-founder and CEO Brian Armstrong.
Coinbase stocks have skyrocketed over 40% since the Senate I passed the genius act– A bill establishing a federal framework for digital token stubcoins supported by assets such as the US dollar.
On Tuesday, Sean Farrell, head of FundStrat’s digital asset strategy, said that if investors miss out on the recent spike, there may still be an opportunity to enter trade.
“I think Coinbase has an extra advantage here despite the rather vicious gatherings we’ve seen,” he said.
Other crypto stocks have also gathered this year amid an increase in the institutional adoption of Bitcoin (BTC-USDand momentum regarding stablecoin regulations.
Round (CRCL), Publisher of USDC Stablecoins It rose more than 600% after that Big hit IPO June 5th.
Meanwhile, Platform Robin Hood (Food) During the strategy, this has increased by 126% since the beginning of the year (MSTR), owns Bitcoin, the largest of other public companies, but has grown by 32% at the same time.