Coinbase stock holds buy rating, $252 target from Benchmark

On Tuesday, Benchmark analysts maintained a Buy rating and a price target of $252.00 for Coinbase Global Inc. (NASDAQ:COIN), following the announcement that the cryptocurrency exchange will be included in the S&P 500 Index. This addition marks a significant milestone as Coinbase becomes the first company focused solely on cryptocurrency to be added to the prestigious index.

The inclusion of Coinbase in the S&P 500 was announced on Monday, after the market closed, and the company is set to join the index before the market opens on Monday, May 19. This move is expected to increase the visibility of Coinbase among investors and could potentially lead to a broader acceptance of cryptocurrency-related businesses within mainstream financial markets.

Coinbase’s entry into the S&P 500 is indicative of the growing influence of digital currencies in the financial sector. The company’s presence in the index reflects its status as a leading player in the cryptocurrency exchange space. With this development, Coinbase will be positioned alongside some of the largest and most established companies in the United States.

The Benchmark analysts’ reiteration of their Buy rating and price target comes at a time when the cryptocurrency market is experiencing increased attention from both retail and institutional investors. Coinbase’s addition to the S&P 500 could further cement its role as a key gateway for investments into the cryptocurrency market.

The decision to include Coinbase in the S&P 500 is a reflection of the company’s strong market position and the increasing integration of cryptocurrency into the broader financial landscape. As the first pure-play crypto company to join the index, Coinbase’s upcoming inclusion is a noteworthy event for the company and the cryptocurrency industry as a whole.

In other recent news, Thumzup Media Corporation has filed a shelf registration statement to raise up to $500 million, aiming to bolster its Bitcoin holdings. This initiative is part of Thumzup’s strategy to allocate a significant portion of its liquid assets to Bitcoin, demonstrating its commitment to cryptocurrency in its treasury management. Additionally, Thumzup has established a Bitcoin-backed credit facility with Coinbase Prime, which provides access to non-dilutive capital. This move coincides with Coinbase’s recent inclusion in the S&P 500, a development that analysts at Oppenheimer believe will enhance Coinbase’s visibility and institutional interest, prompting them to raise the stock’s price target to $293.

Coinbase has also seen its stock rating upgraded by Compass Point from Sell to Neutral, citing potential growth in Altcoin trading activity. Despite a reduction in Coinbase’s stock price target to $305 by H.C. Wainwright, the firm maintains a Buy rating, highlighting Coinbase’s recent acquisition of Deribit for $2.9 billion as a significant strategic move. Cantor Fitzgerald has also raised its price target for Coinbase to $253, reflecting a positive outlook despite mixed financial results in the recent quarter. These developments underscore ongoing shifts in the cryptocurrency industry and the strategic maneuvers by companies like Thumzup and Coinbase to capitalize on emerging market opportunities.

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