Coinbase Comes Full Circle, Soars to Highest Price Since 2021 Nasdaq Debut

Shares of crypto exchange Coinbase (COIN) climbed to their highest level since its April 2021 Nasdaq debut on Thursday, bringing the stock nearly full circle after plunging more than 90% during the depths of 2022’s crypto winter.

COIN hit $382 Thursday before paring some of the gains and closed higher by 5.5%. The stock’s more than doubled since plunging alongside April’s tariff-induced market panic.

Coinbase’s 2021 listing marked a watershed moment for the digital asset industry, but also signaled a peak in crypto. The stock rose as high as $382 before sliding over 90% amid the prolonged 2022 bear market.

Now, investors are increasingly positioning Coinbase as a long-term winner in the next phase of crypto growth, defined by rising stablecoin adoption, institutional participation and increasing U.S. regulatory clarity.

The company recently Coinbase Payments, a new service aimed at expanding the exchange’s footprint in global commerce. Built on Coinbase’s Ethereum layer-2 network, Base, the platform allows merchants to accept 24/7 USDC stablecoin payments without needing blockchain expertise. It already integrates with platforms like Shopify, the company said.

Coinbase also benefits from the rapidly-growing stablecoin sector, having a revenue-sharing agreement with (CRCL), issuer of the USDC stablecoin, giving it a cut of the yield generated by reserve assets.

The broader backdrop is supportive as well. The S&P500 and Nasdaq equity indexes notch record highs, and crypto-related businesses such as Robinhood (HOOD) has also enjoyed renewed investor interest.

Some analysts expect further upside.

Benchmark its price target to $421 on COIN, saying the company is well positioned to capitalize on potential U.S. legislation, including bills to regulate stablecoins and digital asset market structure.

Meanwhile, Bernstein set a more ambitious $510 target, calling Coinbase crypto’s emerging “universal bank,” bridging retail users, institutional investors and on-chain infrastructure at global scale.

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