In a report shared on X by Vaneck’s head of digital asset research, Matthew Sigel, Bank of America raised its price target for COIN to $340 – a 41% jump from current prices.

The banking giant named several key catalysts that could boost COIN in the near future, including Coinbase’s gradual progression towards becoming the “everything exchange” by offering stock trading and prediction markets.

The bank was reported as saying:

“…COIN detailed its expansion into stock/ETG trading and prediction markets for the first time. This supports its objective of becoming the everything exchange” and cross-selling more products to its existing users.”

Bank of America also hinted that it’s expecting the eventual launch of a native token for Base – Coinbase’s own Ethereum layer two ( L2) chain – as another bullish catalyst. The analysts said that “a native token launch would incentivize builders, creators and early adopters,” and would also “raise billions in cash” for the company.

Overall, the bank’s buy thesis is that crypto is in its early innings, and that Coinbase is an LT (long-term) leader in the space.

Says the report:

“Coinbase is leading the effort to create a new financial system that runs on blockchain rails 24-7-365 and provides time/cost efficiencies. The world is still in the early innings of crypto adoption, and we see Coinbase as the trusted platform with #1 market share in the U.S. which makes it a perfect TradFi partner.”

Days before Bank of America’s upgrade, fellow U.S. investment bank Goldman Sachs upgraded COIN from neutral to “Buy,” saying that it had become “selectively more optimistic on crypto.”

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It also shared Bank of America’s sentiments in regard to Coinbase’s expansion into services beyond crypto trading, noting the exchange’s shift to “new, secularly growing products, particularly tokenization/ prediction markets.”

COIN was trading just above $240 as of Friday’s close, down over 46% from its all-time high.

• Why did Bank of America raise its Coinbase price target?
  Bank of America lifted its COIN target to $340, citing new growth catalysts and Coinbase’s push to become an “everything exchange.”
• What does “everything exchange” mean for Coinbase?
  It refers to Coinbase expanding beyond crypto trading into stocks, ETFs, and prediction markets to cross-sell more products.
• Why is a Base token launch bullish for Coinbase?
  Analysts say a native Base token could incentivize developers and potentially raise billions in new capital for Coinbase.
• What is Goldman Sachs’ outlook on Coinbase stock?
  Goldman Sachs upgraded COIN to Buy, pointing to optimism around crypto and Coinbase’s expansion into tokenization and prediction markets.

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