The crypto tide is surging again. Bitcoin (BTCUSD) vaulted past $110,000 in June, edging near its all-time high, fueled by heavy institutional and exchange-traded fund (ETF) inflows. President Donald Trump’s renewed support and pro-crypto policy winds have only intensified this momentum. Now, Ethereum (ETHUSD) is eyeing predictions as high as $15,000 while Bitcoin bulls whisper targets near $250,000 before year's end. Meanwhile, altcoins and artificial intelligence-powered blockchain projects are also gaining serious traction, hinting at a potential full-blown bull run in 2025.

Amid this resurgence stands Coinbase (COIN), the premier U.S. crypto exchange. As digital assets turned mainstream, Coinbase became the go-to gateway for retail and institutional investors diving into Bitcoin, Ethereum, and the broader crypto universe. With the crypto titans gaining steam and interest broadening across the ecosystem, Coinbase stands perfectly positioned to ride this rally’s every twist, turn, and breakout.

One Rosenblatt analyst thinks the crypto rally is “just getting started.” With expectations of lighter regulations and Coinbase’s push into crypto payments and lending, some see COIN stock as a wise buy for investors while it’s still in the runway phase.

About Coinbase Stock

Founded in 2012, Coinbase is a Delaware-based crypto exchange with a $75 billion market capitalization. As the world’s third-largest crypto exchange, it caters to retail and institutional investors, driving revenue through trading and services. Coinbase expands through global licensing, acquisition, and innovation, diving into stablecoin payments, crypto cards, and subscriptions while shaping policy and redefining modern digital finance. 

Coinbase’s meteoric rise to a 52-week high of $349.75 last December felt like a coronation. Bitcoin was booming, and Trump’s pro-crypto stance added fuel to the fire. But the rally fizzled. Regulatory overhangs, market tremors, and the snub from the S&P 500 Index ($SPX) bruised sentiment. COIN stock’s glow dimmed, slipping steadily as investor euphoria gave way to caution.

Now, the tide’s turning. Shares of Coinbase have rocketed 60% in just three months, fueled by Bitcoin’s resurgence and strategic bets like the Deribit acquisition. But a recent jolt came, with a more than 16% jump in just the last trading session, sparked by the Senate’s GENIUS Act win bringing clarity to stablecoin rules. The surge of Circle, USD Coin (USDCUST) issuer and Coinbase partner, as well as an American Express (AXP) powered credit card push shows that Coinbase is rewiring its playbook — and Wall Street is listening.

Coinbase’s Q1 Earnings Snapshot

Coinbase’s fiscal first-quarter earnings report painted a tale of momentum clashing with missed marks. Revenue clocked in at $2.03 billion, up 24% year-over-year (YOY), riding on heightened trading activity and surging demand for offerings like Coinbase One. But Wall Street wanted more. Earnings per share landed at just $0.24, and both top and bottom lines missed estimates. Adjusted net income dropped 23% to $1.94 per share. 

Transaction revenue jumped 18% to $1.3 billion, with consumer volume soaring 39% YOY to $78 billion, even though it slipped 17% from Q4. Institutional volume hit $315 billion, up 23% annually but down sequentially. Subscriptions and services revenue didn’t flinch, soaring 36% YOY to $698.1 million, buoyed by stablecoin demand and platform stickiness. April alone generated $240 million in transaction revenue.

Management spotlighted the $2.9 billion Deribit buy as a strategic leap, cementing Coinbase’s global derivatives play. CEO Brian Armstrong aims to unify spot, futures, and options under one roof, eyeing deeper institutional ties. With growing USDC balances fueling steady revenue, the deal is seen as EBITDA-accretive and key to unlocking seamless, profitable institutional trading ahead.

Looking ahead, Coinbase acknowledged macro jitters and crypto volatility as short-term bumps. CFO Alesia Haas flagged early Q2 softness in blockchain rewards and subscriptions. Still, management remains upbeat, leaning on a sturdy roadmap, global push, and improving regulatory winds. They expect Q2 subscription and services revenue to land between $600 million and $680 million, anchoring growth. 

Analysts monitoring Coinbase expect the company’s EPS to be around $5.12 in fiscal 2025, before surging by 26.8% annually to $6.49 in fiscal 2026.

What Do Analysts Expect for Coinbase Stock?

Rosenblatt’s Chris Brendler is all in on COIN stock, giving a “Buy” rating with a $300 price target. Fresh off Coinbase’s Annual State of Crypto Summit, Brendler came away convinced that the company is shaping the crypto wave. The summit spotlighted a surge in stablecoins and on-chain trading as well as strengthening ties with traditional finance through slick new products and strategic partnerships. Brendler views this as a real play for long-term growth.

The analyst believes waning regulatory pressure gives Coinbase the freedom to stretch beyond its core into payments and lending. Sure, trading volumes look soft this quarter. That has raised a few eyebrows, along with the stock dipping last week. But with crypto momentum kicking up again, Brendler says now's the time to step in, before the next leg of the rally erupts. Adding fuel to the bullish fire, Canaccord Genuity analyst Joseph Vafi holds the highest COIN price target at $400, suggesting 30% upside.

Wall Street leans bullish on COIN, with the stock having a “Moderate Buy” consensus rating overall. Out of 28 analysts, 12 now rate it a “Strong Buy” — two more than last month — while one analyst calls Coinbase a “Moderate Buy.” Finally, 14 analysts play it safe with “Hold” ratings while one is outright bearish with a “Strong Sell” rating on COIN stock.

The stock’s surge over the past few weeks has it trading above the mean price target of $268.61, signaling strong market appetite.