The American cryptocurrency exchange Coinbase continues to attract attention, and Bernstein predicts a potential 50% growth for the company's shares.
Forecast and Key Metrics
Bernstein's research indicates that Coinbase shares could rise by 50% if they are valued above $510, compared to the current target of $310. Currently, Coinbase shares have increased by 1.97% on Wednesday and have risen by 32% over the past month.
Legislative Changes and Their Impact
One of the key factors contributing to Coinbase's growth is that the company is the only cryptocurrency firm on the S&P 500 index. The cryptocurrency industry in the U.S. is currently experiencing significant legislative support, especially with the recent passage of stablecoin legislation in the Senate. This event provides additional advantages for Coinbase.
Recent Partnerships and Acquisitions
Coinbase has the largest stablecoin business among exchanges. Earlier this month, the exchange announced a partnership with Shopify, allowing merchants to accept payments in the USDC stablecoin. Furthermore, Coinbase also announced its agreement to acquire the options giant Deribit for $3 billion, marking the largest acquisition deal in crypto history.
According to Bernstein, Coinbase remains one of the most misunderstood companies in the market, and given the current trends and strategies, it has every chance for further growth.
