Coinbase rises as Bernstein hikes PT to top of Street
Shares of U.S. crypto exchange Coinbase COIN.O up 5.8% at $365, highest since 2021 after rising 12% in the previous session
Bernstein ups PT to $510 from $310, implying another 48% gain for the stock
It is the only crypto company in the S&P 500, dominates U.S crypto trading market, runs the largest stablecoin business among exchanges, dominates institutional crypto, acquired the largest global crypto options exchange and runs the largest and fastest chain Base on Ethereum - Bernstein
Coinbase will be a beneficiary of the stablecoin bill called GENIUS Act and soon to follow CLARITY Act, a digital asset market structure bill - Bernstein
Stock got a boost after the U.S. Senate passed a landmark stablecoin bill last week
COIN bought Deribit in a $2.9 billion deal in May
COIN up 40% so far this month, on track for its best June performance in its four years as a public firm
Stock up 62% in the past 12 months vs. 11.8% gain in SPX
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