Deutsche Bank initiated coverage of Coinbase (ticker COIN) with a buy rating and a $340 price target, implying roughly 40% upside from current levels as the crypto exchange pushes further into what it has described as an “everything exchange.”
Coinbase executives began outlining the vision earlier this summer, pitching a one-stop, onchain platform for trading assets ranging from cryptocurrencies to tokenized stocks and prediction markets.
Deutsche Bank said that strategy is now moving from concept to execution, with product launches expected to materially expand the company’s addressable markets over time.
The call comes as Coinbase is set to host a product showcase later today, where it is expected to unveil prediction markets and tokenized equities, according to a Bloomberg report last week. Deutsche Bank identified both areas as emerging revenue drivers that could begin contributing meaningfully from 2026, helping diversify Coinbase away from fee-heavy spot crypto trading.
COIN tailwinds
Derivatives are central to the upside case. Deutsche Bank pointed to Coinbase’s acquisition of crypto options exchange Deribit and the rollout of CFTC-regulated perpetual-style futures in the U.S. as structural growth opportunities, particularly among institutional clients. The bank expects derivatives to take a growing share of trading volume and revenue as incentives normalize.
Stablecoins and subscription services form another pillar. Deutsche Bank highlighted rising USDC balances on Coinbase’s platform and increased use of stablecoins for payments and on-chain activity, which it said should support more recurring revenue and reduce reliance on volatile trading cycles.
While 2025 remains a heavy investment year, Deutsche Bank said the most intensive phase of spending is likely behind the company. It expects revenue growth to outpace expense growth from 2026, enabling modest margin expansion and driving more than 20% adjusted EBITDA growth next year.
Coinbase shares have slid in recent months alongside a stalling crypto market and now trade near seven-month lows around $245, according to The Block price data. Deutsche Bank said the pullback has left the stock undervaluing the platform’s longer-term earnings potential as product expansion accelerates.
Coinbase (COIN) stock price chart. Source: The Block/TradingView
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
