Morgan Stanley Initiates Coverage on Coinbase with Equal Weight Rating
On September 10, Morgan Stanley initiated coverage of Coinbase Global (COIN), assigning it an 'Equal Weight' rating and a $250 price target. The firm highlighted Coinbase's expansion beyond spot crypto trading into areas like equities, commodities, prediction markets, pre-IPO exposure, tokenized assets, custody services, financing, stablecoin partnerships, and its Base platform. Morgan Stanley noted that 88% of Coinbase’s second-quarter revenue came from sources other than Bitcoin spot trading, signaling a shift toward broader financial infrastructure. The company has also filed with the SEC to offer equity perpetuals in the U.S., pending CFTC approval. Coinbase's Q2 results showed record crypto market share and significant growth in prediction-market contracts. The stock is currently trading around $175.20, up 1.7% for the day, while Morgan Stanley’s target implies a potential 43% upside.
Topics: Coinbase Global Crypto Exchange Financial Infrastructure Morgan Stanley