Coinbase Stock Hits Record High Alongside Bitcoin as Analysts Highlight ‘Growth Runway’

Argus Research said in a new note that the expected passing of the GENIUS Act will likely act as an “impetus for growth” for Coinbase.

By Liz Napolitano

• Coinbase’s share price hit a record high of $398.50 on Monday, with its market cap topping $100 billion.
• Argus Research rated COIN stock a buy at a $400 price target.
• The investment firm’s analysts expect the likely passing of the GENIUS Act will likely act as an “impetus for growth.”

Coinbase stock hit an all-time high on Monday—echoing Bitcoin’s own record move—just short of $400, the price target set by Argus Research in a note published earlier in the day.

Analysts Kevin Heal and Masako Inagaki labeled the crypto exchange a buy, calling it “promising,” despite its premium valuation.

The stock closed at $394.22 on Monday after hitting a record of $398.50, according to Yahoo Finance. Coinbase now has a market cap north of $100 billion.

“On the fundamentals, [COIN] shares are off the charts,” the analysts said in the note. “That said, we believe that COIN’s margins are higher than the peer group and its growth runway is promising, justifying the premium, at least in the near term and during a bull market.”

The stock has risen 60% over the past month, buoyed by a more favorable political environment for the crypto industry, rising prices for digital assets, and its own series of acquisitions that will allow it to expand its services.

This week, Citizens JMP adjusted its price target for COIN to $400 from $475, underscoring its long-term positive outlook for the stock even as it revised its valuation. Last month, Bernstein boosted its price target for Coinbase 65% to $510, calling the stock “misunderstood.”

In their note, the Argus analysts underscored the trading platform’s “impressive record of growth,” including its 76.45% revenue growth year-over-year and its maintenance of an 85.25% gross profit margin.

The bullish rating comes as the U.S. House of Representatives is expected to pass a regulatory framework for stablecoins this week called the GENIUS Act, likely boosting the more than $250 billion stablecoin market. According to Argus, the bill could also act as an “impetus to growth” for Coinbase, which rakes in 50% of stablecoin issuer Circle’s USDC reserves revenue under an existing business agreement between the two firms.