Bitcoin’s (BTCUSD) march to new heights has entered a remarkable phase. Trading above $122,000 on July 14, the cryptocurrency has more than doubled annually, marking an explosive run that has drawn global attention. Indeed, the digital currency’s steep ascent speaks volumes about the current political and financial climate. 

In what is being called “Crypto Week,” the U.S. House of Representatives is preparing to debate legislation aimed at turning the U.S. into a regulatory haven for crypto innovation. U.S.-listed Bitcoin exchange-traded funds (ETFs) recorded over $2.7 billion in inflows last week alone, one of their strongest stretches since inception in 2024.

While the crypto industry’s bets on President Donald Trump and the Republican party are clearly paying off, many analysts believe this is just the beginning. According to Nansen’s Nicolai Sondergaard, an expanding fiscal stance and loosening monetary policy have laid the groundwork for sustained crypto growth.

Amid this momentum, Coinbase Global (COIN) — a leading crypto trading powerhouse — hit a fresh 52-week high of $415.96 on July 17. That has set the stage for what could be an even steeper climb as the Crypto Week unfolds.

About Coinbase Stock

Coinbase stands as the largest cryptocurrency exchange in the United States. The company holds a market capitalization of $101 billion and serves as a primary financial gateway into the crypto economy for customers. 

Over the past 52 weeks, COIN stock has surged 65%, with an even more impressive leap of 135% in just the last three months. Amid the current Bitcoin-driven rally, the stock has gained nearly 6% over the past five trading days. 

In terms of valuation, Coinbase trades at 79 times forward adjusted earnings and 15 times sales, both figures placing it above industry norms. The valuation premium is supported by the company’s solid operational performance, reflecting market confidence in Coinbase's growth prospects and leading position within the crypto ecosystem.

A Closer Look at Coinbase’s Q1 Earnings

Coinbase released its first-quarter 2025 results on May 8, reporting total revenue of $2.03 billion, a 24% year-over-year (YOY) increase driven by higher transaction volumes and growing demand for products such as Coinbase One. While revenue expanded, the figure came in just shy of Wall Street’s projection of $2.11 billion. 

Transaction revenue climbed 17.2% to $1.3 billion, supported by notable growth across both consumer and institutional channels. Consumer trading volume surged 39% YOY to reach $78 billion. Institutional activity was also robust, rising 23% annually to $315 billion.

Revenue from subscriptions and services grew nearly 37% to $698.1 million, thanks to strong interest in stablecoins and wider adoption of Coinbase One. Adjusted EPS came in at $1.94, slightly ahead of analyst estimates of $1.93 but down 23% YOY.

Despite operating gains, rising costs tempered some of the upside. Adjusted EBITDA for the quarter was $929.9 million, down 8.3% YOY. The company exited the quarter with $8.1 billion in cash and cash equivalents as of March 31.

Some challenges remain. However, the company’s recent $2.9 billion acquisition of Deribit, a leading crypto options exchange, has shifted the narrative. With over $30 billion in open interest and more than $1 trillion in non-U.S. trading volume in 2024, Deribit puts Coinbase firmly at the top of the global crypto derivatives market. 

Looking ahead, Coinbase expects Q2 subscription and services revenue between $600 million and $680 million. Meanwhile, analysts anticipate a 21% YOY decline in EPS to $0.84 for the quarter, with full-year EPS forecast at $4.90, down 35% YOY. However, a rebound is expected in the next fiscal year, with EPS projected to rise 26% to $6.18.

What Do Analysts Expect for Coinbase Stock?

Wall Street remains optimistic about COIN stock’s future, reflected in a “Moderate Buy” consensus among analysts. Oppenheimer analyst Owen Lau set a $395 price target on shares, closely matched by Devin Ryan of JMP Securities at $400. Benchmark analyst Mark Palmer sees further upside with a $421 target. 

Among the 30 analysts covering the stock, 13 recommend a “Strong Buy,” one favors a “Moderate Buy,” 14 suggest a “Hold,” and two advise a “Strong Sell" rating. The average price target for COIN stock rests at $309.16, although shares currently trade above this mark.

At the upper end, Bernstein holds a Street-high target of $510, indicating potential upside of 24%. Highlighting the gap between market perception and reality, Bernstein believes Coinbase is “the most misunderstood company" in the crypto coverage universe.