Benchmark Keeps Buy Rating on Coinbase, Maintains $270 Price Target
Summary
- Benchmark said it maintained a 'buy' rating on Coinbase and kept its price target at $270.
- Coinbase shares closed at $169.27, implying about 60%% further upside.
- The CFTC's approval of perpetual futures, the Deribit acquisition, and expansion into prediction markets and AI agents and digital payments were viewed positively.
Benchmark, a US investment bank, maintained its $270 price target on cryptocurrency exchange Coinbase.
The Block reported on June 17 that Benchmark wrote in a client note that Coinbase is rapidly evolving from a crypto brokerage into an infrastructure platform linking the on-chain economy with traditional finance, or TradFi.
Benchmark reiterated its buy rating and $270 target on Coinbase. With the stock closing at $169.27 a day earlier, the target implies nearly 60% upside.
The assessment came shortly after Coinbase unveiled its “everything exchange” strategy. Benchmark wrote that the update is the clearest sign yet that Coinbase is expanding beyond a simple crypto exchange into financial and on-chain infrastructure.
The bank also highlighted easing regulatory hurdles. The Commodity Futures Trading Commission recently approved Coinbase to list and trade perpetual futures. Through Deribit, Coinbase can now offer US users access to global crypto perpetual futures and options trading, Benchmark wrote. Deribit is the crypto derivatives exchange Coinbase acquired last year for $2.9 billion.
Benchmark also took a positive view of Coinbase’s strategy to expand its prediction-markets business. The rating also reflected support for AI agents and digital payments built on Base, the company’s in-house Layer 2 blockchain.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
