Coinbase shares jumped 8% on Monday after Goldman Sachs upgraded the crypto exchange from “neutral” to “buy,” signaling growing confidence in the company’s long-term strategy and its place in the evolving digital asset space.
Goldman also raised its 12-month price target for Coinbase to $303 from $294. With the stock closing around $254.92, the new target suggests roughly 18% upside from current levels.
In a note to clients, Goldman Sachs analyst James Yaro said the bank is increasingly optimistic about companies operating in what he called “structurally growing crypto infrastructure.” Coinbase, he said, stands out as a key beneficiary of that trend.
Beyond trading: why Goldman is bullish
Yaro highlighted Coinbase’s push to move beyond simple crypto trading. The company has been expanding into areas like infrastructure services, tokenization, and prediction markets — all of which could become meaningful growth drivers as the industry matures.
He noted that firms able to earn revenue from multiple parts of the crypto ecosystem may be better positioned over the long run, especially as volatility in trading volumes ebbs and flows.
Coinbase CEO Brian Armstrong has echoed that vision, recently describing the company’s goal of becoming an “everything exchange.” Looking ahead to 2026, Coinbase plans to focus more heavily on stablecoins, expand its product lineup, and continue scaling its Ethereum layer-2 network, Base.
The company has already started executing on that strategy. Earlier this year, Coinbase integrated prediction markets into its platform through a partnership with Kalshi, tapping into one of the fastest-growing segments of crypto in 2024.
A broader bet on crypto adoption
Goldman’s optimism isn’t limited to Coinbase alone. In his report, Yaro said the bank expects broader crypto adoption in 2026, driven by increased participation from both retail and institutional investors.
He pointed to regulatory progress in the U.S. as a potential catalyst, especially ongoing efforts to create clearer market structure rules. “Our base case includes further crypto regulatory reform, which could drive adoption beyond trading and unlock new institutional use cases,” he wrote.
That said, Yaro cautioned that delays or failures to pass key legislation — including a proposed crypto market structure bill in Congress — could weigh on the sector.
According to TipRanks, Yaro has a 62% success rate on stock ratings, with an average annual return of nearly 16%, adding credibility to the upgrade.
Coinbase expands internationally with Singapore launch
Separately, Coinbase has also been expanding overseas. The company recently launched Coinbase Business in Singapore, its first international rollout of a platform designed specifically for businesses.
The service gives startups and small companies access to instant USDC payments, global transfers, automated accounting tools, and crypto asset management features. The launch builds on Coinbase’s work with the Monetary Authority of Singapore through the BLOOM Initiative, which focuses on compliant cross-border digital payments.
With features like USDC-based payouts, lower-cost international transfers, and real-time SGD banking rails through Standard Chartered, Coinbase says the platform aims to support Singapore’s fast-growing innovation economy by blending fiat and crypto under clear regulatory standards.
