Coinbase founder and CEO Brian Armstrong (Steven Ferdman/Getty Images)

Bernstein hikes Coinbase price target to highest on Wall Street

It’s “the most misunderstood company in the firm’s crypto coverage universe,” the analyst said.

6/25/25 10:26AM

Bernstein analyst Gautam Chhugani raised Coinbase’s price target to $510 from $310, writing that it was “the most misunderstood company in the firm’s crypto coverage universe.”

Shares were up about 4% in early trading.

Chhugani added that Coinbase, the largest US crypto exchange, will benefit from the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to provide a regulatory framework for stablecoins. Additional drivers include:

Coinbase is the only crypto firm in the S&P 500;
It’s the custodian for 8 of the 11 bitcoin ETF managers;
It’s the most significant stablecoin business among exchanges;
And it owns Deribit, the biggest crypto options platform, which it acquired in May in a mammoth $2.9 billion deal.

Bernstein maintained an “outperform” rating on the company.

Earlier this week, Benchmark Equity Research, which initiated coverage of the company in April, reiterated its “buy” rating and raised its price target to $421 from $301, according to a note.

Analyst Mark Palmer also noted that the GENIUS Act could help Coinbase, as stablecoins are a significant segment of the company’s business.

In addition, Palmer told Sherwood News that the enactment of the CLARITY Act, which seeks to establish a comprehensive regulatory framework for digital assets in the US, could boost another of Coinbase’s services: staking.

“The initial version of the bill would establish that staking does not represent a securities offering, a clarification that we would expect should result in a sizeable increase in the company’s staking volumes as more institutional investors pursue the yield afforded by that offering,” Palmer said.

In unrelated but still positive news for Coinbase, the company also announced it helped the Secret Service recover $225 million in USDT “stolen through ‘pig butchering’ scams — and has begun the process of returning those funds to victims.”

Yaël Bizouati-Kennedy

Bitcoin tumbles as oil and gas prices spike and the market’s mood turns risk-off

Bitcoin ETFs reverted to outflows and bitcoin suffered $192 million in liquidations in the past 24 hours.

Sage D. Young3/18/26

Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter.

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows.

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions.

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Sage D. Young3/18/26

SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework.

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

Aptos, avalanche, bitcoin, bitcoin cash, cardano, chainlink, dogecoin, ethereum, hedera, litecoin, polkadot, shiba inu, solana, stellar, tezos, and XRP.

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

Yaël Bizouati-Kennedy

3/18/26

Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

Sage D. Young3/17/26

Bitcoin sees 8 consecutive days of gains, a streak not seen in 4 years

Bitcoin is on a winning streak. The cryptocurrency has generated eight straight days of positive returns, a rare phenomenon that has occurred only 15 times since Satoshi Nakamoto created it, according to a CoinDesk report.

In the 30 days after posting an eight-day streak, bitcoin traded higher nine times and lower six times. The median return in the period is roughly 19%. Despite the historical gains that followed, the last time bitcoin had such a rally, four years ago, it dropped roughly 30%.

Most recently, bitcoin climbed from below $66,000 on March 8 to over $75,000 yesterday before settling around $73,800 on Tuesday morning.

Traders remain modestly bullish on the likelihood of further gains, though the sentiment is fading: prediction market-implied odds of bitcoin trading above $77,500 in the month stand at 54%, a decrease from 73% on Monday.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Bitcoin hits rare 8-day winning streak – but 2022 bear market saw one too