Bank of America upgraded Coinbase from neutral to buy on Thursday, citing the exchange’s expanding role in moving financial activity on-chain and its evolution toward an everything exchange. The investment bank set a $340 price target, representing roughly 38% upside from current levels as short interest reverses and tax-loss harvesting pressure eases. BofA highlighted Coinbase’s expansion beyond trading into tokenizing real-world assets, including stocks and exchange-traded funds, plus its entry into prediction markets. This product expansion positions the company to cross-sell more services to new and existing users while leading development of a new financial system.
The bank noted that while COIN shares have dropped 40% from July highs, the company’s product velocity has increased and its total addressable market has expanded. Goldman Sachs also assigned Coinbase a buy rating on Monday, explaining the recent market pullback left crypto stocks trading at a discount. BofA suggested a Base token could raise billions of dollars and incentivize developers and early adopters to build more decentralized finance applications on-chain. The investment bank sees Coinbase as the trusted platform with the number one market share in the U.S., making it a perfect traditional finance partner.
The upgrade reflects growing confidence in the company’s ability to expand beyond spot trading into broader financial services. Coinbase shares fell 5.6% over the past 12 months to $245.6 but traded between $151.8 and $419.8 throughout 2025. This volatility created a 176.6% difference between high and low prices during the year. Bank of America highlighted potential catalysts including a possible token for Coinbase’s Base layer-2 network, though the company has not announced such plans.
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