Analysts at investment firm Bernstein started coverage of Coinbase, rating the crypto exchange outperform and writing that it could soar nearly 70% largely because of a more crypto friendly environment after the election of U.S. President Donald Trump. 

Bernstein placed a price target of $310 on the stock, which was recently trading at about $182 per share, off about 3.3% for the day. 

"With the Trump Administration's aspiration to make America the 'crypto capital of the world', Coinbase remains the dominant platform (66% U.S. market share) to ride the tailwinds," the report read. 

The analysts added they expect "strong regulatory tailwinds to drive crypto industry to the American financial mainstream." It also noted the creation of a Digital assets framework, including administration's creation of a Bitcoin strategic reserve.

COIN has a buy or overweight rating from 41% of analysts who follow the stock, according to FactSet data.

Bernstein's note comes even as crypto markets have slumped along with other risk-on assets, including stocks focused on the digital asset industry. In recent days, some analysts have predicted the market will fall into bear territory.

Bernstein expressed concerns about rising competition and fee pressure but the "reshoring of global crypto markets back to the U.S." should offset those issues, the analysts wrote.  Last month, Coinbase reported that revenues soared 130% in its 2024 fourth quarter, far exceeding analysts' expectations. Transaction revenue more than doubled from the previous year, same period.

Coinbase is the U.S.'s biggest and most popular crypto exchange. It went public in 2021. Users can buy, sell, and bet on the future price of digital coins and tokens on its platform. 

The company also handles Bitcoin custody for a number of top asset managers—including BlackRock—that offer crypto exchange-traded funds.  

President Trump campaigned on a ticket to help the digital asset space, and received funding from industry bigwigs. 

The tech-friendly leader has since fulfilled campaign promises to appoint crypto-friendly regulators and change policies from the Biden administration's more restrictive approach.

Edited by James Rubin

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