Morgan Stanley initiates Coinbase at Equal Weight with a $250 target, citing the firm's successful expansion into broader financial infrastructure, including derivatives, custody, and tokenized assets.
Morgan Stanley initiated coverage with Equal Weight rating and $250 price target, citing Coinbase's expansion beyond crypto trading into broader financial infrastructure.
Morgan Stanley initiated coverage on Coinbase Global with an Equal Weight rating and a $250 price target. The bank highlights the company's strategic pivot from a crypto-only exchange to a diversified financial infrastructure provider, noting that 88% of second-quarter revenue now stems from non-Bitcoin spot trading sources.
The bank believes Coinbase is evolving beyond a crypto brokerage by integrating custody, payments, stablecoin partnerships, and onchain markets into a unified platform that bridges traditional finance and digital assets.