Coinbase Stock Sees Its Biggest Surge Since Nasdaq Launch in 2021
Shares of crypto exchange Coinbase (COIN) climbed to their highest level since its April 2021 Nasdaq debut on Thursday, bringing the stock nearly full circle after plunging more than 90% during the depths of 2022’s crypto winter. COIN hit $382 Thursday before paring some of the gains and closed higher by 5.5%. The stock has more than doubled since its decline following April’s tariff-induced market panic.
Coinbase’s 2021 listing marked a watershed moment for the digital asset industry, but also signaled a peak in crypto. The stock rose as high as $382 before sliding over 90% amid the prolonged 2022 bear market. Now, investors are increasingly positioning Coinbase as a long-term winner in the next phase of crypto growth, characterized by rising stablecoin adoption, institutional participation, and increasing U.S. regulatory clarity.
The company recently launched Coinbase Payments, a new service aimed at expanding its footprint in global commerce. Built on Coinbase’s Ethereum layer-2 network, Base, the platform allows merchants to accept 24/7 USDC stablecoin payments without needing blockchain expertise. It already integrates with various platforms, enhancing its market reach.
Coinbase also benefits from the rapidly growing stablecoin sector, having a revenue-sharing agreement with Circle (CRCL), the issuer of the USDC stablecoin, providing it with a share of the yield generated by reserve assets.
The broader backdrop is supportive as well. The S&P500 and Nasdaq equity indexes have reached record highs, and crypto-related businesses have also experienced renewed investor interest. Some analysts expect further upside.
Benchmark raised its price target to $421 on COIN, noting that the company is well positioned to capitalize on potential U.S. legislation related to stablecoins and the digital asset market structure. Meanwhile, Bernstein set a more ambitious $510 target, describing Coinbase as crypto’s emerging “universal bank,” bridging retail users, institutional investors, and on-chain infrastructure on a global scale.
