Bernstein Reiterates Outperform on $COIN, Raises PT to $510 (Street High) from $310; calls it most misunderstood name in crypto coverage Analyst comments: "Coinbase is the most misunderstood company in our Crypto coverage universe. It is the only Crypto company in the S&P500, dominates U.S. Crypto trading market, runs the largest stablecoin business amongst exchanges (~15% of total revenues and is now integrating with platforms such as Shopify), dominates institutional Crypto (powers custody for 8 out of 11 Bitcoin ETF asset managers), acquired the largest global crypto options exchange (Deribit), and runs the largest and fastest chain (Base) on Ethereum forming the tokenization network (on which JPM launched JPMD coin). Coinbase will be a beneficiary of the GENIUS Act and soon to follow CLARITY Act (Digital Asset Market structure bill). Despite multiple growth levers, consensus remains bearish on the largest Crypto universal bank – we are 2.2x consensus on 2025E EPS and 2.3x consensus on 2026E EPS. We present a deep-dive primer on Coinbase. We also update the model and move up our target price (PT $510, Outperform)." Analyst: Gautam Chhugani