- Coinbase surged 43% in its first full month on the S&P 500.
- Its stock hit a new all-time high of nearly $380 on Thursday.
- Bernstein sees another 45% upside as Wall Street catches on.
Coinbase’s S&P 500 debut couldn’t have gone much better.
Shares of the crypto exchange surged nearly 43% in June, ending its first full month in the index as its best-performing stock.
COIN hit a fresh all-time high of just under $380 on Thursday, capping a record-breaking run driven by growing institutional demand and optimism over regulatory tailwinds.
“Our institutional team is crushing it,” CEO Brian Armstrong wrote on Saturday, pointing to two figures from the company’s latest quarterly business review.
Eight of the top ten publicly traded companies holding Bitcoin use Coinbase Prime for custody, and 81% of the $140 billion in crypto assets held in US exchange-traded funds are stored with Coinbase.
But Wall Street still seems slow to catch on, at least according to analysts at Bernstein.
In a note to investors on Wednesday, the firm called Coinbase the “most misunderstood” company in crypto and predicted a hefty stock surge once investors recognise its broader role as a crypto infrastructure provider, not just a trading platform.
Bernstein set a price target of $510, implying another 45% upside from current levels of around $350.
Crypto market movers
- Bitcoin is even on the day and trading at $107,470.
- Ethereum has gained 0.8% over the past 24 hours and is trading at $2,440.
What we’re reading
- Ripple drops appeal to ‘close the chapter’ on SEC suit, XRP price ticks higher — DL News
- AI Crypto Tokens Swoon as Nvidia Reaches a New All-Time High — Unchained
- We’ve reached a macro turning point — Milk Road
- Vitalik Buterin floats alternative to Worldcoin-esque global identities — DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com
