Cantor: Coinbase Plays a Vital Role Beyond Trading, It’s Essential Infrastructure for Crypto

Coinbase Viewed as Core Crypto Infrastructure in Cantor’s Bullish New Coverage

Wall Street broker Cantor Fitzgerald has initiated coverage on Coinbase (COIN) with an overweight rating and a price target of $245, underscoring that the company’s value goes far beyond its trading business. Shares of Coinbase rose over 5% in early trading following the announcement.

“Coinbase is no longer just a trading venue—it’s becoming mission-critical infrastructure for the broader crypto ecosystem,” analysts Brett Knoblauch and Thomas Shinske wrote in the report.

Cantor highlighted Base, Coinbase’s Layer 2 blockchain built on Ethereum, and its strategic relationship with Circle, the issuer of USDC, as two overlooked growth engines. These elements, the firm argues, are key to transforming Coinbase’s image from a cyclical revenue play to a core fintech innovator in the digital asset space.

Base, which has seen a surge in user growth, is driving increased transaction volume—and revenue—through a compounding “flywheel effect.” Meanwhile, Cantor believes stablecoins remain an underappreciated catalyst, especially in global payments, where they could begin to replace legacy banking systems.

The report also noted that Coinbase stock is currently trading at a significant 32% discount to its historical valuation multiples, presenting what the firm sees as a compelling entry point for investors.

“Greater transparency around earnings potential from Base and stablecoins should unlock a re-rating of COIN shares,” the analysts said.

In Cantor’s view, Coinbase is steadily moving into a category of its own—not just an exchange, but essential infrastructure for the crypto economy’s next wave.