Bank of America believes that long-term growth opportunities and improving product momentum could forge Coinbase into an “everything exchange,” and drive its shares higher. The Wall Street bank upgraded the cryptocurrency exchange to a buy rating from neutral, while leaving its $340 price target unchanged. Coinbase stock has slipped 5% over the last 12 months. Bank of America’s price forecast implies additional upside of almost 38% over the coming year. COIN 1Y mountain COIN 1Y chart Analyst Craig Siegenthaler pointed to Coinbase’s recent stock pullback — the stock is down almost 37% in the past three months alone — and Coinbase’s fast expansion into other products, as catalysts for the upgrade. “While the stock is off 40% from its July highs, under the surface of the 4Q25 crypto correction the company’s product velocity has increased and its [total addressable market] expanded in parallel,” he wrote. “Just last month at its product showcase on December 17, COIN detailed its expansion into stock/ETF trading and prediction markets for the first time. This supports its objective of becoming the ‘everything exchange’ and cross-selling more products to its existing users.” The analyst applauded Coinbase’s strategic pivot through Base, a layer 2 blockchain that’s intended as a decentralized and permissionless network, he wrote. Base is key to Coinbase’s expansion into infrastructure, he said, while a native token launch will incentivize investors while raising billions in cash. Siegenthaler also highlighted Coinbase Tokenize, an end-to-end institutional platform that could lead to tokenization of real-world assets. “Asset managers are looking to tokenize their investment products as they look to take advantage of the benefits of blockchain rails and address the growing parallel market on-chain of younger investors,” he wrote. The analyst expects additional tailwinds to come from President Donald Trump’s administration, which has positioned itself as favorable towards cryptocurrencies. Coinbase’s stature as a leading platform leaves it as the “perfect TradFi partner,” Siegenthaler added.
