Coinbase (COIN) shares have rallied over 50% in the past month on the back of bitcoin’s fresh highs and a regulatory environment shifting decidedly in its favor. Despite the growth, Rosenblatt Securities sees more meat on the bone, reiterating a buy rating and lifting its price target from $300 to $470, 15% above its current $407 position.
The New York-based equity research firm highlighted recent legislative progress on stablecoins and market-structure reforms, with both the GENIUS and CLARITY Acts poised to clear their final hurdles in the Q3 2025. Once enacted, Coinbase could be the sole crypto-focused stock in the S&P 500.
Rosenblatt noted that stablecoin revenues are also picking up steam. USDC issuance grew 3% in Q2 to $61.5 billion – up 40% year-to-date compared to 15% for market leader Tether – and Rosenblatt expects regulatory clarity to accelerate USDC’s share gains. Circle’s (CRCL) own IPO success and $45 billion valuation underscore the growing appeal of regulated stablecoins, which in turn bolsters Coinbase’s non-trading revenue outlook.
Coinbase’s recent acquisition of derivatives exchange Deribit, launch of new payments offerings, rapid growth of its BTC-backed loan book–which hit $1 billion in six months–should diversify revenue streams and support further multiple expansion, Rosenblatt said.
At time of publication, COIN is up 2.1% from yesterday’s close.
Image courtesy of Steve Jurvetson from Los Altos, USA
