On Sep. 10, Morgan Stanley initiated coverage of Coinbase Global (Nasdaq: COIN) for the first time since the crypto exchange went public, assigning the stock an "Equal Weight" rating and a $2
On Sep. 10, Morgan Stanley initiated coverage of Coinbase Global (Nasdaq: COIN) for the first time since the crypto exchange went public, assigning the stock an "Equal Weight" rating and a $250 price target.
The bigger takeaway is not the target itself, but why Morgan Stanley believes Coinbase now warrants broader coverage.
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The bank said Coinbase’s expansion beyond spot crypto trading is creating a much larger addressable market.
“The Everything Exchange expands COIN’s opportunity beyond crypto into equities, commodities, prediction markets, pre-IPO exposure, and tokenized assets, while its custody, financing, stablecoin partnerships, and Base position the company across the infrastructure layer.”
Morgan Stanley added that Coinbase is well positioned as crypto and traditional finance converge, effectively framing the company less as a standalone crypto brokerage and more as financial infrastructure spanning trading, custody, payments and onchain markets.
Coinbase has spent much of 2026 rolling out products that support exactly that vision.
On June 16, Coinbase expanded its “Everything Exchange” strategy, announcing tokenized stocks for non-U.S. customers, stock and crypto options, prediction-market products, pre-IPO perpetuals and a unified interface combining traditional and digital assets.
That diversification is also beginning to show up in its financial results.
Coinbase said on July 30 that its second-quarter crypto trading market share reached a record 10.3%, while prediction-market contracts and revenue climbed 106% from the previous quarter. Subscription and services revenue reached $555 million and accounted for 48% of net revenue.
More importantly for Morgan Stanley’s thesis, 88% of Coinbase’s second-quarter net revenue came from sources other than Bitcoin spot trading.
Coinbase said that reflects a shift toward a broader financial infrastructure business rather than dependence on one crypto trading cycle.
Coinbase has continued moving into markets traditionally dominated by brokerages and derivatives exchanges.
On Sept. 3, the company filed with the U.S. Securities and Exchange Commission (SEC) to offer equity perpetuals, derivative contracts that track stocks without expiring. Chief Policy Officer Faryar Shirzad said:
“Equity perps have proven demand internationally, and we're excited at the prospect of a regulated pathway for U.S. investors.”
The product would still require the Commodity Futures Trading Commission's (CFTC) approval.
Coinbase shares were trading around $175.20 at press time, up 1.7% in a day. The stock has gained roughly 23% year to date, but remains well below its 52-week high of $402.16.
Morgan Stanley’s $250 target implies about 43% upside from the current price.
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