Coinbase Stock Surges to Record High Amid Renewed Crypto Optimism

Coinbase (COIN) shares soared to $382 on Thursday, reaching their highest level since the company’s 2021 Nasdaq debut. The stock, which collapsed over 90% during the 2022 crypto winter, has staged a dramatic comeback—more than doubling in recent months amid renewed optimism in digital assets.

Investor confidence in Coinbase is being fueled by rising stablecoin adoption, increasing institutional participation, and growing regulatory clarity in the U.S. Coinbase’s latest initiative, Coinbase Payments, enhances its push into global commerce. The platform, built on its Ethereum Layer-2 network Base, allows merchants to accept USDC stablecoin payments around the clock, with no blockchain expertise required. Shopify is already among its early integrations.

Coinbase also benefits from its strategic partnership with Circle (CRCL), the issuer of USDC. The exchange receives a portion of the yield generated by USDC’s reserve assets through a revenue-sharing agreement, strengthening its position in the fast-growing stablecoin market.

The favorable macro backdrop adds to the momentum. As the S&P 500 and Nasdaq hit record highs, crypto-linked equities like Robinhood (HOOD) are also experiencing strong investor interest. Analysts are increasingly bullish on Coinbase's long-term growth potential.

Benchmark recently raised its price target for COIN to $421, citing the company’s readiness to benefit from potential U.S. crypto legislation, including stablecoin regulation and digital asset market reforms. Bernstein set an even higher target at $510, calling Coinbase the "universal bank" of crypto, serving retail users, institutions, and on-chain infrastructure globally.

As crypto rebounds, Coinbase is emerging as a key player in shaping the industry's future, signaling a new phase of mainstream adoption and investor confidence.