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Coinbase Stock Is S&P 500's Best Performer For June: How It Got There
CoinbaseCoinbase(US:COIN) Benzingaยท2025-06-28 13:10

Core Insights - Coinbase Global, Inc. has emerged as the top performer in the S&P 500 for June, with a 43% surge, reaching its highest level since its 2021 IPO, driven by positive regulatory updates and new product launches [1][2] Group 1: Stock Performance and Market Position - The rally in Coinbase's stock price follows its inclusion in the S&P 500 at the end of May and marks its third consecutive monthly gain, beginning in April [1] - Analysts attribute Coinbase's strength to its S&P 500 inclusion, the Senate's passage of the GENIUS Act, and the strong performance of Circle Internet Group, which has a revenue-sharing agreement with Coinbase [2] Group 2: Product Expansion and Innovations - Coinbase has expanded its crypto services by launching a crypto-backed credit card with American Express, partnering with Shopify for stablecoin payments, and collaborating with JPMorgan on a deposit token using its Base blockchain [3] - The company announced the upcoming launch of US-regulated perpetual-style futures for Bitcoin and Ether, set to begin on July 21, marking a significant milestone for US traders who have relied on offshore exchanges [4] Group 3: Financial Projections and Growth - Bernstein has raised its price target on Coinbase stock from $310 to $510, citing rapid growth in derivatives and strong non-trading revenues from staking and the Base blockchain [4]