Wall Street’s narrative on Coinbase (COIN) has shifted overnight from caution to conviction. In a coordinated display of institutional confidence, both Bank of America and Goldman Sachs upgraded the exchange to a ‘Buy’ rating this week, citing its evolution into an “Everything Exchange” and the lucrative potential of its Layer-2 network, Base.
Bank of America analyst Craig Siegenthaler set a street-high price target of $340, implying a 38% upside from current levels. Goldman Sachs followed closely, with analyst James Yaro raising his target to $303. COIN is currently trading near $245, having retraced roughly 40% from its July 2025 highs, a discount that both banks identified as a prime entry point.
The “Everything Exchange” Thesis
The upgrades signal a departure from viewing Coinbase solely as a spot crypto casino. Both notes emphasize revenue diversification. Bank of America highlighted the platform’s aggressive expansion into prediction markets and stock trading, moving it closer to a comprehensive financial super-app. Goldman Sachs pointed to “structural growth” in non-trading verticals, specifically custody and staking, which they argue will reduce earnings volatility.
The Base Token Alpha
For crypto natives, the critical detail lies in Bank of America’s specific mention of Base. Siegenthaler’s team explicitly noted that a future native token launch for the L2 network “could raise billions in cash” and drive developer incentives. While Coinbase has historically played down plans for a token, a Tier-1 bank modeling it as a valuation driver legitimizes the speculation.
“Base is key to COIN’s expansion into infrastructure… a potential native token launch could raise billions in cash.”, Bank of America Research Note
Institutional Context
This dual upgrade arrives as Coinbase integrates prediction markets via its partnership with Kalshi and doubles down on real-world asset (RWA) tokenization. The banking giants are effectively betting that Coinbase’s infrastructure moat is now wide enough to command a premium, regardless of short-term Bitcoin price action.
