Share this article
Coinbase More Than Just Trading Platform, It's 'Mission-Critical' for Crypto, Cantor Says
The broker initiated coverage of the crypto exchange with an overweight rating and a $245 price target.
Updated Apr 8, 2025, 3:35 p.m. Published Apr 8, 2025, 2:34 p.m.
What to know:
- Cantor initiated coverage of crypto exchange Coinbase with an overweight rating and a $245 price target.
- Investors are not assigning enough value to the company's activities outside of crypto trading, the report said.
- Coinbase's layer 2 blockchain Base gives the firm an edge, Cantor said.
Coinbase (COIN) is more than just a crypto trading platform, Wall Street broker Cantor said in a research report Tuesday, initiating coverage of the stock.
Cantor assumed coverage of the crypto exchange with an overweight rating and a $245 price target. In early trading, the shares were up more than 5%.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Markets are missing what it is doing beyond trading, particularly with its L2 (Base) and its stablecoin relationship with Circle," analysts Brett Knoblauch and Thomas Shinske wrote. Coinbase shares are attractive at current levels, as they are trading at around a 32% discount to historical valuation multiples, the report added.
The broker sees both these segments as "instrumental in changing the narrative surrounding COIN, from being a cyclical crypto trading platform to being a mission-critical infrastructure of the crypto economy."
The report said the shares are expected to re-rate higher once investors have increased visibility into the earnings potential of Base and stablecoins.
Base gives Coinbase an edge, the report said. The layer 2's strong user growth creates a "flywheel effect" that benefits the crypto exchange with more transaction fees.
Cantor said the stablecoin opportunity is also being underappreciated by the market, especially given the potential for these cryptocurrencies to displace traditional finance cross-border payment rails.
Read more: Cathie Wood’s ARK Buys Over $13M Worth Coinbase Shares During Market Rout
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
