Benchmark reiterates Coinbase's buy rating: target price $270, optimistic about its transformation into an "Everything Exchange."

According to The Block, Benchmark Equity Research maintains a buy rating on Coinbase, with a target price of $270, representing an upside of approximately 59.5% from the current stock price. Analyst Mark Palmer stated that Coinbase's recent system updates clearly demonstrate its rapid transformation from a cyclical crypto broker to an infrastructure platform connecting the on-chain economy with traditional finance.

The report highlights Coinbase's product advancements in tokenized U.S. stocks, stock and crypto options, prediction markets, AI investment tools, and agentic payment infrastructure, as well as its prior approval from the CFTC to operate as a Futures Commission Merchant (FCM), allowing it to offer global crypto perpetual contracts and options trading to U.S. clients through Deribit. Benchmark believes these initiatives further confirm that Coinbase is continuously expanding its business boundaries beyond spot crypto trading.