Coinbase stands to gain from legislative momentum as well as stronger bitcoin prices and improved custodial fee revenue, according to Citigroup Global Markets. Analyst Peter Christiansen reiterated his buy rating on the crypto services provider and lifted his price target by 87%, to $505 from $270. The new target suggests the stock still has roughly 33% potential upside. Shares of Coinbase have rallied about 52% this year, helped by the Trump administration’s favorable attitude toward cryptocurrencies and the entire financial ecosystem surrounding them. “Coinbase has enjoyed several catalysts in recent weeks, including: (i) signing of the GENIUS Act (stablecoins), (ii) House passage of the CLARITY Act (market structure), and (iii) inclusion in the S & P 500,” Christiansen said in a 27=age report to clients published Monday. “We also believe investors are beginning to place a premium on blockchain innovations applicable for real-world activities.” COIN 1Y mountain Coinbase stock performance over the past year. Christiansen said his new price target is driven by the quarterly rise in crypto prices of between 40% and 45%, and a better yield on Coinbase’s Subs-n-Services revenue. The analyst expects Coinbase’s integration of stablecoin USDC and new product announcements, such as its card partnership with American Express and new payments features, will lift Coinbase One subscriber growth. Coinbase in June announced that the American Express card will be available exclusively to U.S. members of the company’s monthly subscription product Coinbase One, which offers zero trading fees and other perks. “We continue to see upside for COIN from adding futures and options as well as benefiting from its category leadership in the forthcoming regulated era of crypto,” Christiansen said.
