Benchmark Keeps $270 Target, Sees Coinbase Expanding

Benchmark Equity Research reiterated a Buy rating and maintained a $270 price target on Coinbase Global Inc. after the exchange's System Update, citing a broad set of new products and recent regulatory clearance.

In a client note, Benchmark listed new offerings including tokenized U.S. equities, stock and cryptocurrency options, pre-IPO perpetual futures, crypto binary contracts for prediction markets, AI-powered investing tools, payments infrastructure for agents, and consumer finance features.

Benchmark pointed to regulatory approval last month from the Commodity Futures Trading Commission that authorizes Coinbase to operate as a regulated Futures Commission Merchant for U.S. clients. That clearance allows Coinbase to offer U.S. customers access to global crypto perpetual futures and options through Deribit, the Dubai-based exchange Coinbase acquired for $2.9 billion in 2025.

The firm said the regulatory permission supports Coinbase's plan to consolidate liquidity across jurisdictions so U.S. and international customers can access a wider set of products through a single marketplace. Benchmark described the unified liquidity model as part of Coinbase's strategy to move products that typically trade offshore into a regulated U.S. framework.

Benchmark also highlighted developer tools on Base, Coinbase's layer-2 network, designed to support AI agents and digital payments, and the launch of Coinbase Advisor for U.S. Coinbase One subscribers.

Coinbase shares closed at $169.27 on Tuesday. Benchmark's $270 price target implies about 59.5% upside from that closing price.

Benchmark analyst Mark Palmer wrote, “In our view, the company's update yesterday provided the clearest evidence yet that it is rapidly evolving from a cyclical crypto brokerage into a foundational infrastructure platform linking the emerging onchain economy to the traditional one.”

The research note presented the combination of product announcements and the regulatory approval as a key outcome of the System Update and said the additions broaden Coinbase's retail and institutional product set.