Shares of crypto exchange Coinbase Global, represented by the ticker symbol COIN, closed Thursday’s trading session at $375.07 per share, up 5.5% over the day, setting a new all-time high since hitting the public market in April 2021.
The Nasdaq-listed stock has been on a strong run lately, rising nearly 24% over the past week and 40% over the last 30 days. COIN’s previous all-time high closing price was $357.39, set in November 2021. Its new ATH is a 3.3% increase from that peak and has ballooned the American crypto firm’s market capitalization to $89 billion.
COIN Hits New ATH, Outperforming Apple and Nvidia This Week
Coinbase was also the best-performing S&P 500 stock this week, posting a 12.10% single-day gain on Tuesday. This run coincided with US President Donald Trump declaring a ceasefire between Israel and Iran, which resulted in a broader surge that saw both the equities and crypto markets resume their uptrend, with Bitcoin (BTC) reclaiming $105,000 level and the S&P 500 closing the day up 1.1%.
The fact that makes this feat even more impressive is that it came only a month after Coinbase was listed on the stock market index that tracks the performance of 500 leading publicly traded US companies, including Microsoft (MSFT), Apple (AAPL), and Nvidia (NVDA). It is also the first-ever crypto firm to join the index, which represents a broad measure of the US stock market with a combined market cap of $52.6 trillion, as of May 30, 2025.
COIN also received a significant boost from the market performance of Circle Internet Group (CRCL) – the company behind the USDC stablecoin – which began trading on the New York Stock Exchange (NYSE) on June 4 at $31 per share and has since then surged 500%. CRCL closed Thursday’s trading session at $213.63, up 7.56% for the day.
Circle (CRCL) Partnership and Passage of the GENIUS Act a Boost for Coinbase
In 2018, Coinbase and Circle formed a consortium called Centre, under which the crypto giants co-developed USDC and released the cryptocurrency designed to maintain constant parity with the US dollar in September of that year. According to regulatory filings, Circle gives more than 60% of the revenue from USD Coin reserves to Coinbase as a distribution fee, with the exchange receiving 50% of the leftover interest income from those assets.
USDC is the second-largest stablecoin by market cap, and commands about $61.45 billion of the $230 billion global stablecoin market.
Another catalyst for COIN’s recent rise is that the US Senate voted to pass the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act on June 17. The landmark bill aimed at regulating stablecoins in the United States is one step closer to becoming law as it has now been forwarded to the House of Representatives for further consideration.
Coinbase stands to directly benefit if the bill clears the House and is signed into law by President Donald Trump – a scenario likely to play out by August.
Analysts Regard COIN as the “Most Misunderstood” Stock on the S&P 500 Index
Despite its rally, analysts are divided on the stock’s prospects, with some cheering on its ascent while others predicting a short-term correction.
Benchmark analyst Mark Palmer is doubling down on COIN, calling recent developments surrounding the crypto exchange “transformational”, and hiked his price target for the stock from $301 to $421. He has reiterated his “buy” rating for Coinbase, claiming that a positive US regulatory environment for the industry and multiple product launches could drive material revenue expansion and a higher multiple on its earnings.
Cantor Fitzgerald reiterated its “overweight” rating for COIN, with the US financial services giant raising its 12-month price target from $253 to $292, citing the crypto firm’s evolution from being a “cyclical cryptocurrency exchange” to a “mission-critical infrastructure layer of crypto”.
Brokerage firm Bernstein has also raised its price target for Coinbase’s stock from $310 to $510, pointing to higher earnings projections, new growth drivers, and a revised valuation framework. Their analyst, Gautam Chhungani, wrote in a note to clients that Coinbase is the “most misunderstood” company in the S&P 500 Index, and its market share has been persistent despite competition from Robinhood. The analyst believes that traditional companies are at least several months away from launching crypto-related products, and even then, they are not likely to be full-suite products like Coinbase’s offerings.
Investment advisor Andy Heilman wrote in an X post that while COIN has had a solid run, it may be bracing for a correction. He noted that the weekly view on the stock “looks very bullish,” even if it is due for a pullback, and its bullish technical setup signals a potential surge to four-digit prices.
Weekly view on $COIN looks very bullish, even if it is due for a pullback. Massive inverted head and shoulders base…just now breaking out this week. Added near April lows and we're riding it to possible four-digit prices. pic.twitter.com/vfCCFvMtyo
— Andy Heilman, CFA (@imapedestrian) June 26, 2025
Crypto analyst “Chad” said that the daily Bollinger Band – a volatility indicator utilizing price bands that traders use to buy stock and crypto near the lower band and sell near the upper band – for Coinbase signals that it may be in for a cooldown soon, as the price has overextended above the upper band. Meanwhile, “Cantonese Cat”, another crypto analyst, interpreted the same chart to suggest that COIN’s upper Bollinger Band is expanding and looks like it wants to continue moving upwards for the time being.
Crypto commentator “Whoisdat”, an early investor in Coinbase, said they have returned to break even four years after buying the stock. COIN debuted on Nasdaq on April 14, 2021, with an opening price of $381 per share, but suffered a 14% slippage during the session to close at $328.28.
At the time of writing, Coinbase (COIN) is priced at $375, up 5.54% at market close, while Circle (CRCL) closed at $213.63, rising 7.56% during the Thursday session.
