Bernstein Initiates Coinbase Coverage With $310 Price Target, Citing Regulatory Tailwinds

Coinbase (COIN) is poised to capitalize on the evolving U.S. regulatory landscape as the crypto industry integrates further into the financial mainstream, according to a report by brokerage firm Bernstein on Monday.

Bernstein initiated coverage of the leading crypto exchange with an “outperform” rating and a $310 price target. Currently, about 41% of Wall Street analysts rate Coinbase as a “buy,” while 7% have a “sell” rating, and the remainder suggest holding, per FactSet data. Despite the positive outlook, Coinbase shares dipped 2% to $185.20 in early trading.

While greater regulatory clarity may invite increased competition from fintech firms, brokers, and traditional banks, Bernstein’s analysts, led by Gautam Chhugani, believe a robust crypto bull market and the dominance of U.S.-based digital asset firms will more than compensate for potential pricing and market share pressures.

Under President Donald Trump’s administration, digital assets are expected to benefit from a favorable regulatory shift, with the President vowing to position the U.S. as the global hub for crypto innovation. The Securities and Exchange Commission (SEC) has also established a dedicated crypto task force, led by Commissioner Hester Peirce, to develop new industry regulations.

Coinbase has expanded its business model beyond just trading, strengthening its foothold in U.S. dollar stablecoins and crypto yield-generating services such as staking. Bernstein projects that Coinbase’s non-trading revenues will grow at a compound annual growth rate (CAGR) of approximately 31% between 2024 and 2026, providing a counterbalance to the cyclical nature of trading revenues.

Additionally, Coinbase recently secured Financial Intelligence Unit (FIU) registration, marking a significant step toward re-entering the Indian market, as highlighted in a company blog post earlier this month.