Shares of crypto exchange Coinbase (COIN) climbed to their highest level since its April 2021 Nasdaq debut on Thursday, bringing the stock nearly full circle after plunging more than 90% during the depths of 2022's crypto winter.
COIN hit $382 Thursday before paring some of the gains and closed higher by 5.5%. The stock's more than doubled since plunging alongside April's tariff-induced market panic.
Coinbase’s 2021 listing marked a watershed moment for the digital asset industry, but also signaled a peak in crypto. The stock rose as high as $382 before sliding over 90% amid the prolonged 2022 bear market.
Now, investors are increasingly positioning Coinbase as a long-term winner in the next phase of crypto growth, defined by rising stablecoin adoption, institutional participation and increasing U.S. regulatory clarity.
The company recently launched Coinbase Payments, a new service aimed at expanding the exchange’s footprint in global commerce. Built on Coinbase’s Ethereum layer-2 network, Base, the platform allows merchants to accept 24/7 USDC stablecoin payments without needing blockchain expertise. It already integrates with platforms like Shopify, the company said.
Coinbase also benefits from the rapidly-growing stablecoin sector, having a revenue-sharing agreement with Circle (CRCL), issuer of the USDC stablecoin, giving it a cut of the yield generated by reserve assets.
The broader backdrop is supportive as well. The S&P500 and Nasdaq equity indexes notch record highs, and crypto-related businesses such as Robinhood (HOOD) has also enjoyed renewed investor interest.
Some analysts expect further upside.
Benchmark raised its price target to $421 on COIN, saying the company is well positioned to capitalize on potential U.S. legislation, including bills to regulate stablecoins and digital asset market structure.
Meanwhile, Bernstein set a more ambitious $510 target, calling Coinbase crypto’s emerging "universal bank," bridging retail users, institutional investors and on-chain infrastructure at global scale.
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