Benchmark Reaffirms 'Buy' Rating for Coinbase with $270 Target Price

Huoxing Finance reports that on June 17, Benchmark reaffirmed its “Buy” rating on Coinbase (COIN) and maintained its $270 price target following Coinbase’s system update on Tuesday. Coinbase closed at $169.27 on Tuesday, implying approximately a 59.5% upside to Benchmark’s target. Benchmark analyst Mark Palmer stated that this update advances Coinbase’s “everything exchange” strategy, encompassing a range of new offerings including tokenized U.S. equities, stock and crypto options, pre-IPO perpetual futures, prediction markets, AI investment tools, agency payment infrastructure, and consumer financial products. Palmer said: “In our view, yesterday’s updates provide the clearest evidence to date that the company is rapidly evolving from a cyclical crypto broker into an infrastructure platform connecting the emerging on-chain economy with traditional finance.” Benchmark also noted that one of the most significant aspects of Tuesday’s announcements had regulatory implications. The firm highlighted that last month, the U.S. Commodity Futures Trading Commission approved Coinbase to operate as a regulated futures commission merchant, enabling it to provide U.S. customers with access to global crypto perpetual futures and options through Deribit, the Dubai-based platform it acquired for $2.9 billion last year. Benchmark stated that this approval supports Coinbase’s plan to integrate liquidity across jurisdictions, allowing both U.S. and international clients to access a broader range of products through a single marketplace. The firm also noted that Coinbase’s expansion of prediction markets via new crypto binary contracts, the launch of Coinbase Advisor for U.S.-based Coinbase One subscribers, and the development of infrastructure tools around Base to support AI agents and digital payments further reinforce its transition from spot crypto trading toward a broader financial and on-chain infrastructure business.