Bank of America Reiterates $218 Price Target for Coinbase, Implying 49% Upside

According to Bank of America, the bank reiterated its $218 price target for Coinbase (NASDAQ: COIN), implying 49% upside from intraday levels around $145.82. BofA cited the proposed CLARITY Act as a central catalyst that could strengthen Coinbase's position as the leading U.S. partner for traditional financial institutions seeking blockchain exposure. The bank also highlighted recent regulatory approvals for Coinbase to launch perpetual futures products, with that market estimated to be 3-4 times larger than the spot cryptocurrency market.

COIN shares have faced headwinds, down 2.8% intraday, 19% over the past month, and 38% year-to-date, as Bitcoin's broader drawdown has weighed on crypto equities.