The largest U.S.-based cryptocurrency exchange just got another nod from one of the oldest American banks. Recently, the Bank of America (NYSE: BAC) reiterated its rating and its price target
The largest U.S.-based cryptocurrency exchange just got another nod from one of the oldest American banks.
Recently, the Bank of America (NYSE: BAC) reiterated its rating and its price target for Coinbase Global (NASDAQ: COIN).
Founded in 2012 by Brian Armstrong, Coinbase was listed on Nasdaq in April 2021. It offers spot trading in Bitcoin (BTC), Ethereum (ETH), and many other tokens to retail and institutional clients, alongside custody, staking, derivatives, and a stablecoin partnership with Circle that gives it direct revenue exposure to USDC's reserves.
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BofA's central thesis behind the reiteration rests on the proposed CLARITY Act. The bank believes it could strengthen Coinbase's position as the leading U.S. partner for traditional financial institutions seeking blockchain exposure.
Analysts argued that "regulatory clarity would level the playing field," reducing the need for offshore development and pulling more participants into the U.S. market.
While the bill would likely increase competition, BofA said Coinbase's scale and product breadth in the U.S. leave it well placed to capture institutional market share.
The bank added that the passage could also provide a near-term boost to trading volumes and revenue, with the Donald Trump administration's broader crypto-friendly stance acting as a tailwind.
Beyond the regulatory backdrop, BofA pointed to several growth drivers. Coinbase recently received approval alongside Kalshi to launch perpetual futures products in the U.S., a market the brokerage noted is three to four times larger than the spot cryptocurrency market.
The exchange is also pushing into prediction markets and building a tokenization strategy through partnerships with banks across custody, trading and infrastructure, positioning itself as a gateway between traditional finance and digital assets.
The bullish call lands as COIN stock has come under pressure. At press time, shares were down 2.8% intraday at $145.82. The stock has dropped about 19% over the past month, with year-to-date returns down 38% as Bitcoin's broader drawdown has weighed on crypto equities.
Bank of America maintained a $218 price target on the stock. From current intraday levels, BofA's Coinbase stock price target implies upside closer to 49%.
