Coinbase Stock Hits 4-Year High As Bernstein Raises COIN Target To $510

The Coinbase stock currently boasts a bullish outlook, rallying over 3% in today’s trading session and surpassing its 4-year high of $357. This comes amid Bernstein’s prediction that the crypto stock could reach as high as $510 and describing it as the “most misunderstood” crypto stock.

Coinbase Stock Rallies Above $360

TradingView data shows that the Coinbase stock has reached as high as $368 in today’s trading session, hitting a new 4-year high in the process. The stock is currently up over 3% in the last day and over 37% year-to-date (YTD).

This COIN stock price rally comes amid Bernstein’s raise of its target for the stock from $310 to $510. Research analysts at the financial firm also maintained their “outperform” rating for the top crypto exchange and described the company as the “most misunderstood” in their crypto coverage.

As to what could spark the Coinbase stock rally to $510, these analysts noted that the crypto exchange is the only crypto company in the S&P 500. Furthermore, it dominates the US crypto trading market and runs the largest stablecoin business amongst exchanges.

Bernstein highlighted the fact that the stablecoin business accounts for 15% of total revenues and is now integrating with platforms such as Shopify. As CoinGape reported, Coinbase has recently rolled out its payment service, which enables merchants to accept payments using the USDC stablecoin.

Other Catalysts For The Exchange’s Projected Growth

Furthermore, Bernstein analysts mentioned the fact that the exchange dominates institutional crypto, acting as the custodian for eight Bitcoin ETF issuers, as another catalyst that could spark the Coinbase stock rally to this $510 target.

Meanwhile, the report noted that factors such as the exchange’s acquisition of the crypto options platform Deribit and its position in the Ethereum ecosystem as it runs Base, which is currently the “largest and fastest” layer-2 network, are catalysts for these growth projections.

CoinGape reported that the largest US bank, JP Morgan, plans to launch the pilot for its JPMD coin on Base. This could further attract attention to the Base ecosystem and boost Coinbase’s momentum.

Bernstein analysts also mentioned that the crypto exchange will benefit from the GENIUS Act and the soon-to-follow CLARITY Act. The US Senate recently passed the stablecoin bill, which would provide clarity for crypto companies like Coinbase.

Despite a “bearish consensus” on the “largest crypto universal bank” in reference to the crypto exchange, Berstein maintains a strongly positive sentiment towards the Coinbase stock and expects it to rally to $510 at some point.

As part of its bullish fundamentals, Coinbase also just secured the coveted MiCA license in a bid to expand its presence in Europe. With this license, the exchange will now be able to provide its services to 450 million users across all 27 EU member states.