Coinbase Poised for Growth as Institutional Crypto Adoption Gains Momentum

Broker Benchmark has initiated coverage of Coinbase (COIN) with a buy rating and a $252 price target, citing the crypto exchange’s dominant market position and anticipated improvements in the crypto environment. Despite a recent decline in share price, the broker believes Coinbase is well-positioned to benefit from increasing institutional adoption of cryptocurrencies.

Coinbase Expected to Benefit From Institutional Crypto Adoption

Broker Benchmark initiated coverage of Coinbase (COIN) with a buy rating and a $252 price target. The crypto exchange has established the industry’s most scaled crypto trading platform with a domestic market share of around 66%. The shares were over 4% higher at around $198 in early trading. The stock has almost halved since early December, but the broker believes the share price does not reflect the soon-to-improve crypto environment. The exchange offers a comprehensive suite of products and services aimed at facilitating the adoption and use of digital assets by both retail and institutional investors.

Coinbase Expands to Charlotte, Hiring Over 130 Employees

Coinbase is expanding its presence with a new office in Charlotte, North Carolina. The crypto exchange plans to hire more than 130 employees in the region, primarily for compliance and customer support roles. This move is part of CEO Brian Armstrong’s broader initiative to bring on 1,000 new U.S. employees this year. Charlotte was chosen for its strong financial and tech talent and low cost. The expansion comes amid a more crypto-friendly political climate, with Donald Trump recently calling himself the country’s ’first crypto president.’ Coinbase has been remote-first since 2020 but maintains offices in San Francisco and New York for in-person collaboration.