Shares of cryptocurrency exchange Coinbase Global (COIN) have hit an all-time high as prices for digital assets such as Bitcoin (BTC) and Ethereum (ETH) remain buoyant.
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On June 26, Coinbase’s stock hit $382, an intraday record, before closing at $369.21 per share, also an all-time high. COIN stock has now more than doubled since plunging in April alongside the broader market due to the tariff panic.
For Coinbase, the current rally brings the stock back to the level it was at when it made its market debut on the Nasdaq exchange in April 2021. The stock had plunged more than 90% during the depths of 2022’s “crypto winter,” which occurred after the collapse of rival exchange FTX.
Next Phase
Analysts and investors now see COIN stock as a winner in the next phase of the crypto industry’s development, which includes stablecoin adoption, institutional participation, and greater regulatory clarity.
Coinbase already appears to be benefitting from the rapidly evolving stablecoin sector, having a revenue-sharing agreement with Circle (CRCL), issuer of the USDC stablecoin, that gives it a cut of the yield generated by reserve assets.
Additionally, the crypto exchange recently launched Coinbase Payments, a new service aimed at expanding its footprint in global commerce. Built on Coinbase’s Ethereum Layer-2 network, the platform called simply “Base” allows merchants to accept USDC stablecoin payments without needing blockchain expertise. COIN stock is up 45% this year.
Is COIN Stock a Buy?
The stock of Coinbase has a consensus Moderate Buy rating among 24 Wall Street analysts. That rating is based on 13 Buy and 11 Hold recommendations issued in the last three months. The average COIN price target of $287.88 implies 20% downside from current levels.
