Coinbase stock surpasses $360... Renewing all-time high

The stock price of the U.S. cryptocurrency exchange Coinbase has set a new all-time high.

According to Bloomberg on the 26th (local time), Coinbase stock surged approximately 2.7% intraday, exceeding $365. Bloomberg reported, "This is higher than the previous record closing price of $357.39 set in November 2021 right after Coinbase went public," and added, "Compared to the record low at the end of 2022, it has soared more than 1000%."

The recent increase in Coinbase's share price is backed by the Stablecoin Act (Genius Act) recently passed by the U.S. Senate. Coinbase is known to have signed a revenue-sharing agreement with Circle, the issuer of the stablecoin USDC. Bloomberg noted, "Coinbase’s stock price has risen more than 40% since the passage of the Genius Act in the U.S. Senate last week," and added, "Traditional payment companies such as Visa and Mastercard are facing downward pressure on their stock prices, despite plans to develop their own stablecoins."

There are also observations that Coinbase's stock price is overvalued. In fact, Bloomberg’s data shows the U.S. Wall Street average target price for Coinbase is $287 per share. However, on the 25th (local time), Bernstein’s analyst Gautam Chhugani raised his target price for Coinbase to $510 in his latest report.