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Bernstein believes that Coinbase (COIN), a well-known cryptocurrency exchange in the US, may see a sharp increase in the value of its stock. The asset management company thinks the exchange can profit from the expected crypto-friendly policies of the Trump administration.
Gautam Chhugani, managing director of global digital assets at Bernstein, said in a recent CNBC report that Coinbase’s stock price may rise by 72% to $310 per share, from its current $180.
With President Donald Trump aiming to position the US as the “crypto capital of the world,” Chhugani emphasized Coinbase’s dominant position in the market. “With the Trump Administration’s aspiration to make America the ‘crypto capital of the world,’ Coinbase remains the dominant platform (66% US market share) to ride the tailwinds.”
Bernstein has assigned Coinbase an “outperform” rating, reflecting confidence in the exchange’s potential to thrive in a more supportive regulatory environment.
While regulatory clarity could encourage competition from fintech firms, banks, and other financial service providers, Chhugani remains optimistic about Coinbase’s ability to retain its leadership. He suggests that a growing crypto market in the US will ultimately benefit the platform. “Regulatory clarity brings more competition for COIN from fintechs, brokers, banks, etc. However, we expect a strong bull market and rising US onshore dominance to more than offset any competitive market share and pricing pressures.”
Additionally, Chhugani anticipates a 31% compound annual growth rate for Coinbase’s non-trading revenue. He credits the exchange’s strategic expansion into crypto financial services, particularly its dominance in USD stablecoins and services like staking. “COIN has done well to build a suite of crypto financial services beyond trading, particularly market leading share in USD stablecoins, crypto yield services such as staking.”