Coinbase Sees $510 Target as S&P 500 Entry Spurs Growth

- Bernstein raises Coinbase target to $510, citing S&P 500 listing, strategic acquisitions. - Deribit acquisition, other recent moves positioning Coinbase for global crypto leadership. On June 25, 2025, The Block reported that Bernstein boosted Coinbase's (COIN) stock price target to $510 from $310. Investing.com UK also reported this revision on June 25. This increase marks a significant shift based on updated financial projections and robust growth drivers, reflecting Coinbase’s evolving role as a global leader in the crypto industry. On June 25, Bernstein analysts, led by Gautam Chhugani, labeled Coinbase the “most misunderstood” company in their crypto portfolio. This designation highlights its unique position as the sole crypto-native business listed on the S&P 500 index. Several key factors support the $510 revised target, including the firm’s robust U.S. crypto trading operations, its expansion of custody services tied to Bitcoin ETFs, and the accelerating adoption of Base, Ethereum’s fastest-growing Layer 2 solution. Bernstein also cited Coinbase’s acquisition of derivatives exchange Deribit for $2.9 billion in cash and stock, a move the firm considered pivotal to Coinbase's global expansion strategy. This acquisition enables Coinbase to penetrate the derivatives market, which is one of the fastest-growing sectors of the crypto industry. Furthermore, Bernstein's outlook highlighted anticipated advantages from forthcoming U.S. crypto regulations, such as the GENIUS Act and the CLARITY Act, which the firm expects to foster regulatory clarity and drive adoption. As part of the valuation, Bernstein updated its financial forecast, projecting Coinbase's revenue will reach $9.5 billion by the end of 2025. Analysts applied a 25x price-to-earnings (P/E) multiple to end-of-2027 estimates, a calculation that led to the new $510 price target. At the time of the report on June 25, Coinbase stock traded at $344.82, reflecting growing enthusiasm for the company's expanding portfolio and strategic milestones. According to CoinMarketCap on June 25, 2025, as of 14:00 UTC, Bitcoin (BTC) traded at $29,832, with its 24-hour volume up 3.2%, while Ethereum (ETH) traded at $1,943, its 24-hour trading volume up 2.8%.