Coinbase no longer wants to be just a crypto exchange. At an event on Tuesday, the company previewed a string of upcoming products, including tokenized equities trading and options trading for both crypto and stocks. As the platform stretches well beyond its origins, one prominent analyst sees room for significant upside in the stock.
A $270 Target, Reaffirmed
On Wednesday, Benchmark-StoneX Managing Director and Senior Research Analyst Mark Palmer said the firm is reiterating its COIN price target of $270. That marks a nearly 60% jump from Tuesday's closing price above $169.
“The ambition on display was sweeping enough to put every brokerage, bank, and fintech in the country on notice,” Palmer wrote. “The company unveiled a suite of products spanning stocks, derivatives, artificial intelligence, and consumer finance, extending the strategy it first announced last December and pushing the platform well beyond crypto into every asset class it can reach.”
The Push to Be an ‘Everything Exchange’
The Tuesday event was Coinbase's pitch to become an "everything exchange." The headline announcement was upcoming tokenized U.S. equities, which Coinbase says will represent real 1:1-backed shares that pay out dividends automatically. The company contrasts these with rival tokenized stock offerings, which it characterizes as derivatives.
Alongside that, Coinbase plans to roll out options trading for both crypto and traditional equities, and it will let users move their existing stock portfolios onto the platform.
More New Features on the Way
Other updates include the ability to borrow against staked Solana, a Coinbase One Card travel portal offering 5% Bitcoin rewards, USDC-backed card access, and new short-term crypto price-prediction contracts.
“In our view, the company's update yesterday provided the clearest evidence yet that it is rapidly evolving from a cyclical crypto brokerage into a foundational infrastructure platform linking the emerging on-chain economy to the traditional one,” Palmer added.
Where the Stock Stands
COIN was roughly flat on the day, recently trading just above $169 per share. Even so, the shares are down 13% over the last month and 25% since the start of the year as crypto markets slide.
Back in May, Coinbase said it would cut 14% of its staff and lean more heavily on AI to stay efficient with a smaller team. The company also reported a second consecutive quarterly loss, posting $394 million in red ink for Q1 2026.
