Coinbase has reached a significant milestone, closing Monday’s trading at a new all-time high of $394.01 per share, pushing its market capitalization just over $100 billion. The crypto exchange hit an intraday peak of $398.50, propelled by Bitcoin’s recent surge past $122,000.
This marks the first time Coinbase’s market cap has exceeded $100 billion since its 2021 public debut, with the stock up 50% in the last month. This growth is attributed to positive market sentiment, favorable regulations, and the recent successful IPO of Circle Internet Group (CRCL).
A major catalyst was Coinbase’s inclusion in the S&P 500 index on May 19, making it the first dedicated crypto company to achieve this. Bernstein analysts have since raised their price target to $510, dubbing Coinbase the “Amazon of crypto financial services.”
Bitwise CIO Matt Hougan also expressed long-term optimism, predicting in May that Coinbase, then valued at $61 billion, is “the company most likely to hit a $1 trillion valuation someday.”
Beyond trading fees, Coinbase’s business shows strength, generating $772 million in non-transaction revenue in Q1 and recently hiring prominent crypto commentator AlexOnchain to bolster its social media presence.
As Coinbase soars, Bitcoin continues its strong performance, trading near $119,700 after touching a record $122,000, further fueling the broader crypto rally.
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