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FollowingMorgan Stanley covers Coinbase for the first time: Rating "equal weight", target price of US$250
On September 10, Morgan Stanley conducted a stock coverage study on the cryptocurrency exchange Coinbase for the first time since its listing, gave it an "equal weight" rating, and set a target price of US$250. The focus this time is not the target price itself, but the reason why Morgan Stanley believes Coinbase deserves wider coverage now.
Transforming from a single crypto broker to financial infrastructure
Morgan Stanley pointed out that Coinbase is expanding beyond spot cryptocurrency trading, creating a larger accessible market. The bank said: "Everything Exchange expands Coinbase's opportunities from cryptocurrencies to stocks, commodities, forecast markets, pre-IPO exposure and tokenized assets; at the same time, its placement in custody, financing, stablecoin cooperation and the Base chain allows the company to span infrastructure layers."
Morgan Stanley added that with the integration of cryptocurrencies and traditional finance, Coinbase is in a favorable position. The bank positions it as a financial infrastructure beyond independent crypto brokers, covering multiple areas such as trading, custody, payments and on-chain markets.
The diversification strategy has achieved initial results
For most of 2026, Coinbase has been launching products that support this vision. On June 16, Coinbase expanded its "Everything Exchange" strategy, announcing that it will provide non-U.S. customers with tokenized stocks, stock and cryptocurrency options, predictive market products, pre-IPO perpetual contracts, and a unified interface that combines traditional assets and digital assets.
This diversification trend is also beginning to be reflected in its financial data. Coinbase said on July 30 that its cryptocurrency trading market share reached a record 10.3% in the second quarter, while predicting market contracts and revenue increased by 106% from the previous quarter. Subscription and service revenue reached $555 million, accounting for 48% of net income.
More importantly, according to Morgan Stanley, 48% of Coinbase's net income in the second quarter came from sources other than non-Bitcoin spot transactions. Coinbase said this reflects the company's shift to a broader financial infrastructure business rather than relying on a single cryptocurrency trading cycle.
Entering traditional brokerage and derivatives markets
Coinbase continues to enter markets traditionally dominated by brokerage houses and derivatives exchanges. On September 3, the company filed an application with the U.S. Securities and Exchange Commission (SEC) to provide a stock perpetual contract-a derivative contract that tracks stocks and has no expiration date. Chief Policy Officer Faryar Shirzad said: "Equity perpetual contracts have shown demand in international markets, and we look forward to providing a regulated path for U.S. investors."
The product still requires approval from the U.S. Commodity Futures Trading Commission (CFTC).
Stock Price Performance and Market Outlook
As of press time, Coinbase's share price was approximately US$175.20, up 1.7% during the day. The stock has gained about 23% so far this year, but it is still well below its 52-week high of $402.16. Morgan Stanley's $250 price target means there is about 43% upside for the current price.
