Bernstein Keeps Coinbase Price Target at $330, Sees 71% Upside

Bernstein maintained its $330 price target on Coinbase.

The Block reported on May 8 that Bernstein reiterated its outperform rating on Coinbase in a report released the same day. It also kept its $330 price target unchanged, implying about 71% upside from the stock's previous close of $192.96, The Block said.

Bernstein said Coinbase’s “everything exchange” strategy is gaining traction. While Coinbase’s first-quarter results fell short of market expectations, the brokerage said the company is expanding its revenue base beyond spot trading into derivatives, prediction markets and payments infrastructure.

Coinbase previously reported first-quarter revenue of $1.41 billion, about 5% below market estimates. Total spot trading volume in the quarter was $202 billion, down about 25% from the previous quarter.

Bernstein also highlighted Coinbase’s market share. It wrote that Coinbase posted growth in both spot and derivatives trading, lifting its share of the crypto trading market to a record high.

Growth in newer businesses was another key support for the price target. Bernstein said Coinbase’s retail derivatives business is now generating more than $200 million in annual revenue, while annual revenue from institutional derivatives tied to its Deribit acquisition has exceeded $250 million.

Bernstein said the market has yet to fully price in additional catalysts for Coinbase and the broader crypto industry. It cited potential progress on the U.S. crypto market structure bill, known as the Clarity Act, and the possibility of an official White House announcement on a strategic Bitcoin reserve as future upside catalysts.