BofA upgrade highlights Coinbase strategy to bring the financial system onchain
Coinbase has received its second “buy” rating in a single week, as Bank of America upgraded the stock and projected significant upside. The move reflects growing confidence in Coinbase’s expanding business model, which now extends well beyond crypto trading into building core infrastructure for an onchain financial system.
Bank of America lifted Coinbase from neutral to buy, citing the company’s evolution into an “everything exchange.” The bank highlighted Coinbase’s push into tokenized real-world assets, including stocks and exchange-traded funds, as well as its expansion into prediction markets. These initiatives are expected to increase cross-selling opportunities and materially expand Coinbase’s total addressable market.
Despite the stock being down roughly 40% from its July highs, BofA noted that product development accelerated during the Q4 crypto correction, suggesting underlying operational strength.
BofA set a $340 price target, implying 38% upside from current levels. The forecast assumes a reversal in short interest and fading pressure from tax-loss harvesting, which weighed on shares late last year.
Coinbase shares traded between $151.8 and $419.8 in 2025, underscoring high volatility. Looking ahead, potential catalysts include a token launch for the Base layer-2 network and continued regulatory momentum supporting US crypto adoption.
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