Coinbase shares surpassed $369 on the Nasdaq on June 25, a 42% jump since January 1. Buoyed by the rise of Bitcoin and the passage of the GENIUS Act in the US Senate, the stock is approaching its November 2021 high. The target price has been raised to $510: the first listed crypto platform is attracting a lot of attention.
Coinbase: strong share price growth driven by Bitcoin
While we were discussing the explosion of Circle’s share price on June 24, which exceeded $240 before consolidating at $200, it is now Coinbase’s share price that is impressing. At the opening of trading on June 26, Coinbase (COIN) shares hit $369.25 before stabilizing at around $355, just under 2% below the record high set at the end of 2021. Looking back from its low point in April, the stock has rebounded by 133%.
This impressive doubling in value in just over a month is heating up the debate. Bernstein analyst Gautam Chhugani has raised his target price from $310 to $510 and described Coinbase as “the most misunderstood company in our crypto coverage.” He also compares it to Amazon: “The all-in-one crypto service.”
It must be said that the odds are in Coinbase’s favor: at the end of February, the SEC dropped its proceedings for unregistered brokerage activities, which has largely restored confidence in the exchange. On June 22, the exchange obtained its MiCA license from the Luxembourg Financial Sector Supervisory Commission (CSSF), allowing it to expand its regulated crypto services to the 27 member states of the European Union.
And the financial outlook is also positive: the first quarter of 2025 generated $2 billion in revenue, including $698 million from subscription and service revenues — mainly fees on USDC. The company’s diversification beyond pure trading is therefore paying off. Finally, the price of Bitcoin, which has risen to around $107,000, has played a significant role in Coinbase’s share price recovery.
The GENIUS Act is a game changer for stablecoins and benefits Circle
However, the main reason for this growth is political. On June 17, the US Senate passed the GENIUS Act by 68 votes to 30, the first federal framework designed to secure the issuance of dollar-backed stablecoins. The bill requires issuers of dollar-backed stablecoins to hold fully backed liquid reserves, publish monthly reports detailing their assets, and submit to strict regulatory oversight to protect consumers.
This regulatory breakthrough also catapulted Circle Internet Group (CRCL) into the spotlight, as mentioned above. The two stocks are logically linked, as they are partners in the USDC stablecoin: Coinbase collects half of the interest on the USDC.
It was therefore only natural that Coinbase’s stock was also boosted by all these positive announcements. This is especially true since revenue from USDC interest is less correlated with trading volumes and therefore with the popularity of cryptocurrencies. This is a more stable source of revenue, which reassures investors.
