On Wednesday, Benchmark-StoneX Managing Director and Senior Research Analyst Mark Palmer said the firm is reiterating its COIN price target of $270—a nearly 60% increase over 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.”
Coinbase used its Tuesday event to unveil several new products as it pushes to become an "everything exchange." The biggest reveal was upcoming tokenized U.S. equities, which Coinbase says will represent real 1:1-backed shares with automatic dividend payouts, unlike rival tokenized stock products it characterizes as derivatives.
“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.
