Bank of America has joined Goldman Sachs in lifting Coinbase from “neutral” to “buy” this week, citing what it described as Coinbase’s growing role in moving financial activity on-chain and its evolution toward an “everything exchangee.”
In a research note released on Thursday, BofA said Coinbase’s expansion from trading to tokenizing real-world assets, including stocks and exchange-traded funds, as well as its move into prediction markets, is positioning it to cross-sell more products to new and future users and lead a “new financial system.”
“While the stock is off 40% from its July highs, under the surface of the 4Q25 crypto correction the company’s product velocity has increased and its [total addressable market] expanded in parallel.”
BofA said Coinbase (COIN) shares could rise around 38% from their current price to reach $340 as short interest in COIN reverses, while the tax-loss harvesting pressure seen in late Q4 is easing.
On Monday, investment bank Goldman Sachs also assigned Coinbase a “buy” rating, explaining the recent market pullback had left crypto stocks trading at a discount, potentially setting the stage for a rebound in early 2026.
COIN shares were volatile over the course of 2025
Coinbase has fallen 5.6% over the past 12 months to $245.6, but throughout the year has traded as low as $151.8 and as high as $419.8, amounting to a volatile 176.6% difference between the prices.
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Base token, Trump will also push COIN this year
BofA also pointed to Coinbase’s expanding product roadmap as a longer-term positive, saying the exchange’s push beyond spot trading into areas such as real-world asset tokenization and prediction markets could broaden its addressable market and support cross-selling.
In the note, Bank of America highlighted Coinbase’s expansion from trading as part of a wider effort to build out a more comprehensive “everything exchange.” The bank added that a potential token linked to Coinbase’s Base layer-2 network — if launched — could raise fresh capital and incentivize developers and early adopters to build and use more onchain applications, though Coinbase has not announced plans for such a token.
BofA is also bullish on Coinbase potentially launching a token for its Ethereum layer-2 network, Base, stating it would raise billions of dollars and incentivize developers and early adopters to build and use more decentralized finance applications onchain.
Another catalyst for Coinbase is US President Donald Trump having three more years in office to push his vision of making the US the crypto capital of the world, BofA noted:
“The world is still in the early innings of crypto adoption, and we see Coinbase as the trusted platform with #1 market share in the US which makes it a perfect TradFi partner.”
The bank, however, flagged Binance’s potential return to the US market and further crypto price corrections as two obstacles that could limit COIN’s upside in 2026.
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