Coinbase Is Becoming a Major Ethereum-Focused Player, Bernstein Says
Main Idea
Bernstein highlights Coinbase as a major Ethereum-focused player, with its strong alignment to Ethereum's ecosystem and significant financial performance, including a $510 price target for its shares.
Key Points
1. Coinbase is becoming a leading public company aligned with Ethereum, benefiting from the ecosystem's expansion and ether's 80% rally since June 5.
2. Coinbase operates Base, one of the largest Layer 2 chains on Ethereum, with an annualized revenue run rate of $75 million.
3. The launch of the Base App enhances Coinbase’s exposure to Ethereum by facilitating crypto transactions, including stablecoin payments.
4. Coinbase holds a treasury valued at $590 million (136,782 ETH), directly benefiting from ether's price appreciation.
5. Bernstein has an outperform rating on Coinbase stock with a $510 price target, noting a 4% increase in share price to around $323 at publication time.
Description
As Ethereum continues to power an expanding ecosystem, crypto exchange Coinbase (COIN) stands out as one of the leading public companies aligned with the blockchain, Wall Street broker Bernstein said in a research report Monday. The network's native token ether (ETH) has rallied 80% since June 5, the report noted, catalyzed by Circle’s (CRCL) listing and the market’s realization that most stablecoins are minted on the Ethereum network. Coinbase operates one of the largest Layer 2 chains on Ether...
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