Coinbase(US:COIN) Di Yi Cai Jing·2025-06-26 06:22Core Viewpoint - Coinbase is being recognized as a significantly misunderstood and undervalued company in the cryptocurrency sector, often compared to Amazon in the crypto space, especially following recent regulatory developments and market movements [1][7]. Regulatory Developments - The Federal Housing Finance Agency (FHFA) has directed government-sponsored enterprises (GSEs) to consider incorporating cryptocurrencies into single-family mortgage risk assessments, marking a significant integration of cryptocurrencies into the U.S. housing finance system [1]. - The passage of the GENIUS Act in the Senate aims to provide a regulatory framework for stablecoins, enhancing consumer protection and financial risk prevention while supporting fintech innovation [4]. Market Performance - Coinbase's stock reached a closing price of $355.37, just 0.6% shy of its all-time high, with a peak intraday price of $369.28, reflecting a 40% increase since the GENIUS Act was passed [3]. - The stock has seen a year-to-date increase of 35.6% and a 52-week rise of 58.6% [3]. Revenue Streams - Coinbase benefits significantly from its partnership with Circle, receiving $908 million in 2024, which constitutes over half of Circle's total revenue for the year [3]. - The stablecoin business contributes 15% to Coinbase's total revenue in Q1 2025, indicating a robust revenue model [3]. Analyst Insights - Analysts from The Benchmark Company and Citizens Bank have raised their price targets for Coinbase, citing its diverse revenue potential and the favorable regulatory environment [5][8]. - The Benchmark Company analyst raised the target price from $310 to $510, while Citizens Bank set a target of $400, indicating further growth potential [8]. International Expansion - Coinbase has received a MiCA license from the Luxembourg financial regulator, becoming the first U.S. cryptocurrency exchange to gain EU regulatory approval, allowing it to operate across all 27 EU member states [6].