The broker has an outperform rating on Coinbase shares with a $510 price target$ETH
Beyond transaction fees, Base has also emerged as the dominant chain for token deployments, Bernstein said. Coinbase’s decision to integrate all Base tokens into its primary exchange platform has significantly increased trading activity, further boosting ETH-denominated brokerage fees.$CRV
The launch of the Base App, a consumer wallet for buying, selling, holding, and transferring crypto (including stablecoin payments), further strengthens Coinbase’s exposure to Ethereum and its ecosystem.
In addition to its operational activities, Coinbase holds a sizable ether treasury valued at $590 million (136,782 ETH), making the company a direct beneficiary of the token's price appreciation, the broker said.$BNB
As Coinbase highlighted in its second quarter earnings report, July trading fees surged approximately 40% compared to the Q2 average, driven by increased ether trading activity.
This surge reflects the broader market excitement surrounding ether, and with over 250 tokens listed on Coinbase, the exchange is poised to benefit from the broader Ethereum ecosystem growth, the report added.
Bernstein has an outperform rating on Coinbase stock with a $510 price target. The shares were 4% higher, trading around $323 at publication time.
