Coinbase Global (COIN) stock has scaled the price charts in recent months, tracking the path of bitcoin's price. All eyes are on the cryptocurrency exchange again after bitcoin surpassed the psychologically significant $100,000 level for the first time late Wednesday night after President-elect Donald Trump nominated crypto-friendly Paul Atkins to head the Securities and Exchange Commission (SEC).
COIN is a primary beneficiary from bitcoin's resurgent popularity because its trading platform tends to see increased transaction volume from crypto-enthused retail and institutional investors. In addition, Coinbase holds 9,363 bitcoin on its balance sheet as of September 30, which is worth approximately $950 million based on the cryptocurrency's current price.
While $100,000 was a major milestone for bitcoin, financial services firm Bernstein thinks the digital asset can go even higher.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"We expect bitcoin to hit a cycle-high of $200,000 in late 2025," says Bernstein analyst Gautam Chhugani.
"We expect bitcoin to emerge as the new-age premier 'store of value' asset, eventually replacing gold over the next decade and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management," he adds.
Is Coinbase stock a buy, sell or hold?
Wall Street is bullish on Coinbase Global too. According to S&P Global Market Intelligence, the consensus recommendation among the 25 covering analysts it tracks is a Buy.
However, analysts' price targets have failed to keep up with the financial stock's surge higher. Indeed, shares have more than doubled since early September. The average analyst price target of $270.25 represents a discount of nearly 20% to current levels. Wall Street could issue price-target hikes if Coinbase continues to climb.
Financial services firm Needham is one of the more bullish outfits on COIN stock with a Buy rating and $375 price target.
"We view Coinbase as an attractive way to play the growing crypto asset universe, which includes overlap in the high-growth areas of stablecoins, decentralized finance (DeFi), non-fungible tokens (NFTs), exchanges in spot/derivatives, and blockchains (Base)," wrote Needham analyst John Todaro in a November 18 note.
The analyst expects Coinbase to "broaden its applications to include a variety of crypto-related financial services activities" over the long term.
Related Content
-
What Wall Street's CEOs Are Saying About Trump's TariffsWe're in the thick of earnings season and corporate America has plenty to say about the Trump administration's trade policy.
-
The Role of the U.S. Dollar in Retirement: Is It Secure?Protect your retirement from de-dollarization, because “capital always goes where it is treated best."
-
What Wall Street's CEOs Are Saying About Trump's Tariffs
We're in the thick of earnings season and corporate America has plenty to say about the Trump administration's trade policy.
-
To Stay on Track for Retirement, Consider Doing ThisWriting down your retirement and income plan in an investment policy statement can help you resist letting a bear market upend your retirement.
-
How to Make Changing Interest Rates Work for Your RetirementHigher (or lower) rates can be painful in some ways and helpful in others. The key is being prepared to take advantage of the situation.
-
When to Sell Your StockKnowing when to sell a stock is a major decision investors must make. While there's no one correct answer, we look at some best practices here.
-
Within Five Years of Retirement? Five Things to Do NowIf you're retiring in the next five years, your to-do list should contain some financial planning and, according to current retirees, a few life goals, too.
-
The Home Stretch: Seven Essential Steps for Pre-RetireesThe decade before retirement is the home stretch in the race to quit work — but there are crucial financial decisions to make before you reach the finish line.
-
Stock Market Today: Great Power Affairs Mesmerize MarketsThe U.S. and China are at least talking about talking about tariffs, and investors, traders and speculators are showing a little less fear.
-
Three Options for Retirees With Concentrated Stock PositionsIf a significant chunk of your portfolio is tied up in a single stock, you'll need to make sure it won't disrupt your retirement and legacy goals. Here's how.
