Coinbase Is The 'Amazon Of Crypto Services', Price Target Boosted To $510: Bernstein

Bernstein analysts have raised their price target for Coinbase Global Inc. COIN to $510, citing accelerating growth in the company's derivatives business and non-trading revenue streams.

The updated price target marks a significant jump from the previous $310 target, reflecting Bernstein's increased confidence in Coinbase's evolving position as a leading crypto financial services platform.

Bernstein now values Coinbase at a price-to-earnings multiple of 25x based on 2027E earnings, up from its previous estimate of 21x on 2026 earnings, aligning the crypto exchange's valuation with its fintech and broker peers.

The brokerage house highlighted several drivers behind the target upgrade, including faster-than-expected revenue growth in non-trading businesses such as staking, stablecoins, and the company’s Base blockchain.

The report also pointed to Coinbase's growing derivatives volumes, particularly in perpetual futures, which have shown a substantial increase in recent quarters.

Bernstein's revised model now forecasts Coinbase's total revenue to reach approximately $14.1 billion by 2027, up from the earlier estimate of $12.4 billion.

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The firm's adjusted earnings per share estimate for 2027 has been lifted to $20.38, reflecting higher operating leverage.

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“Operating leverage drives net income growth for Coinbase,” the report noted, supporting the thesis for an increased valuation.

Despite regulatory headwinds in past years, Bernstein sees Coinbase's market leadership as strengthening, particularly after the withdrawal of enforcement actions by U.S. regulators.

The report emphasized Coinbase's dominant role in the U.S. spot crypto trading market and its expanding institutional business.

The analysts further noted that Coinbase’s share of perpetual futures volume climbed from 2.4% to 4.0% between Q4 FY24 and Q1 FY25, while the ratio of perpetual futures to spot trading volumes on its platform grew from 0.2 to 1.9 over the same period.

Bernstein described Coinbase as the "Amazon of crypto financial services," underscoring the company's integrated offerings across trading, custody, financing and staking.

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