Benchmark reiterates Coinbase's' buy 'rating and $270 target price, stating that it is surpassing its cyclical cryptocurrency broker positioning According to BlockBeats, on June 17th, after a system update on Coinbase on Tuesday, Benchmark reiterated its "buy" rating on Coinbase (COIN) and maintained a target price of $270. Coinbase closed at $169.27 on Tuesday, with a benchmark target price corresponding to approximately 59.5% upside potential. Benchmark analyst Mark Palmer stated that Coinbase's update advances its "everything exchange" strategy, covering multiple releases such as tokenized US stocks, stock and crypto options, pre IPO perpetual futures, predictive markets, AI investment tools, proxy payment infrastructure, and consumer finance products. Palmer stated, "In our opinion, yesterday's update by the company provides the clearest evidence to date that it is rapidly evolving from a cyclical crypto broker to an infrastructure platform that connects emerging on chain economies with traditional economies." Benchmark also noted that one of the most important pieces of content released on Tuesday has regulatory implications. The agency mentioned that the US Commodity Futures Trading Commission approved Coinbase as a regulated futures commission merchant last month, allowing it to provide global encrypted perpetual futures and options access to US clients through Deribit, the Dubai trading platform acquired for $2.9 billion last year. Benchmark stated that the approval supports Coinbase's plan to integrate liquidity across jurisdictions, enabling US and international customers to access a wider range of products through a single market. The institution also mentioned that Coinbase is expanding its prediction market through new encrypted binary contracts, launching Coinbase Advisor for Coinbase One subscribers in the United States, and launching infrastructure tools around Base that support AI agents and digital payments, all further supporting its business expansion from spot encrypted trading to broader financial and on chain infrastructure. [Original link]