Coinbase Global Inc Ordinary Shares - Class A

COIN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Coinbase: Increasing Our Valuation to $205 From $170 on Higher Stable Coin and Trading Revenue

Michael Miller

Jul 28, 2025

Coinbase's USDC business continues to enjoy strong momentum. Recovering from its post-Silicon Valley bank lows, the stable coin has taken market share from its largest rival, Tether. Meanwhile, strong cryptocurrency prices will support trading revenue growth for Coinbase.

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Coinbase Global Inc Ordinary Shares - Class A

Coinbase: Increasing Our Valuation to $205 From $170 on Higher Stable Coin and Trading Revenue

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