Shares of %Cryptocurrency exchange %Coinbase Global (NASDAQ: $COIN) closed at a new all-time high as prices for digital assets such as %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH) continue to rise.
On June 26, Coinbase’s stock hit $382 U.S., an intraday record, before closing at $369.21 U.S. per share, also an all-time high.
COIN stock has now more than doubled since plunging in April alongside the broader market due to the tariff panic.
For Coinbase, the current rally brings the stock back to the level it was at when it made its market debut on the Nasdaq exchange in April 2021.
Th stock had plunged more than 90% during the depths of 2022’s cryptocurrency winter, which occurred after the collapse of rival exchange FTX.
Coinbase Global’s share price has spent nearly three years trying to recover from the collapse it experienced during the most recent crypto winter.
Analysts and investors now see Coinbase as a winner in the next phase of the crypto industry’s development, which includes stablecoin adoption, institutional participation, and greater regulatory clarity.
Coinbase already appears to be benefitting from the rapidly evolving stablecoin sector, having a revenue-sharing agreement with %Circle (NYSE: $CRCL), issuer of the USDC %Stablecoin, and giving it a cut of the yield generated by reserve assets.
Additionally, the crypto exchange recently launched Coinbase Payments, a new service aimed at expanding the exchange’s footprint in global commerce.
Built on Coinbase’s Ethereum Layer-2 network, the platform called simply “Base” allows merchants to accept USDC stablecoin payments without needing blockchain expertise.
Some analysts see further upside for COIN stock.
Analysts at Wall Street firm Benchmark recently raised their price target on Coinbase’s stock to $421 U.S., saying the company is well-positioned to capitalize on potential U.S. legislation aimed at regulating stablecoins.
Rival firm Bernstein set a more ambitious $510 U.S. price target on Coinbase’s shares, saying the exchange can help bridge retail and institutional investors and on-chain infrastructure at scale.
COIN stock is up 44% so far in 2025.
