Overview
- Coinbase shares recently traded near $193 after a broad crypto rally lifted volumes across digital assets.
- Piper Sandler lifted its price target to $180 with a Neutral rating, citing higher futures activity driven by tensions involving Iran and warning the boost may fade if markets calm.
- Coinbase’s 2025 purchase of Deribit expanded its derivatives reach, with Deribit logging record revenue in Q4 and institutional transaction revenue up 37% year over year.
- The Office of the Comptroller of the Currency granted Coinbase conditional approval on April 2 for a national trust charter, a step that could help it win more institutional custody mandates.
- Positioning remains contested as shares sold short increased and investors look to May 11 earnings for proof that trading strength and rising USDC balances of $17.8 billion, a dollar-pegged token held on the platform, can persist.