COIN
Coinbase wants the whole kitchen, not just the Bitcoin aisle
Goldman Sachs isn’t just warming up to Coinbase — it’s leaning in. Analyst James Yaro reiterated a Buy rating and lifted the price target to $219, arguing that Coinbase’s growth story now stretches way beyond the old-school world of spot crypto trading.
The basic pitch: Coinbase is trying to become the “everything exchange,” a one-stop shop where you can trade just about anything, anytime. That’s a fancy way of saying the company wants to stop being seen as the place you go only when Bitcoin is having a caffeine-fueled rally.
The new growth engine
Goldman pointed to six areas that could move the needle:
- U.S. perpetual futures
- prediction markets
- tokenized equities
- margin lending
- Base
- agentic finance
Some of those are still early innings, but the momentum is real. Goldman said Coinbase’s derivatives business hit an all-time high market share in Q2, while prediction markets are already running at about a $100 million annualized revenue pace. Since launching in Q1, that business has doubled quarter-over-quarter — the kind of growth rate that tends to make Wall Street sit up straighter.
Not just a Bitcoin proxy anymore
Back in Coinbase’s 2021 IPO era, Bitcoin spot trading was basically the life of the party. Now it’s a much smaller slice of the pie, making up just over 10% of total revenue, down from more than 50% at the time of the listing.
That matters because it changes the way investors should think about the stock. Coinbase is increasingly looking like a broader financial infrastructure platform, not just a glorified toll booth on crypto volatility.
The bigger bet
At a conference, Coinbase’s own executives laid out the vision pretty plainly: build a single platform where customers can “trade any asset, anytime.” COO Emilie Choi said the company sees a $50 trillion addressable market, while CFO Alesia Haas said Coinbase holds roughly 12% of the world’s on-chain assets — a pretty handy base if you’re trying to upsell new products.
Big picture: Goldman’s call is basically a vote for Coinbase’s glow-up. If the company keeps turning crypto users into multi-product customers, the stock could start trading less like a meme and more like a platform.