Bernstein SocGen Hikes Coinbase Price Target, Calls It Most Misunderstood Name in Crypto

Bernstein SocGen Group raised its price target on Coinbase Global (NASDAQ:COIN) to $510 from $310 while maintaining an Outperform rating, citing a long list of competitive advantages and underappreciated growth drivers that position the company as a dominant force in the digital asset ecosystem. The company’s shares rose more than 2% intra-day today.

Calling Coinbase the “most misunderstood” name in its crypto coverage, the firm highlighted its leadership across multiple verticals: it’s the only crypto-native company in the S&P 500, holds a commanding share of the U.S. crypto trading market, and runs the largest stablecoin business among exchanges—accounting for roughly 15% of its total revenue. Coinbase is also integrating with platforms like Shopify to further expand its reach.

The firm pointed to Coinbase’s dominance in institutional crypto, noting it provides custody services for 8 of the 11 Bitcoin ETF asset managers. It also recently acquired Deribit, the world’s largest crypto options exchange, and operates Base, the fastest and most scalable Ethereum Layer 2 chain, which is being used by JPMorgan to launch its JPMD token.

Analysts expect regulatory catalysts—such as the GENIUS Act and the forthcoming CLARITY Act—to further legitimize and expand the digital asset landscape, creating a favorable policy backdrop for Coinbase’s continued growth.

Bernstein is significantly more bullish than the Street, projecting 2025 and 2026 EPS at more than double consensus estimates. With multiple growth levers in motion and regulatory momentum building, the firm sees Coinbase emerging as the de facto "universal bank" of crypto.