Benchmark has reiterated its $270 price target for Coinbase, betting that the exchange's push into infrastructure services will cushion it from the worst of crypto market swings. The research firm's updated note, published this week, points to Coinbase's ongoing transition from a pure trading platform to a broader infrastructure provider as a reason to stay bullish on the stock long-term.
Inside the price target
The $270 target, which Benchmark has held for months, reflects confidence that Coinbase's new revenue streams will offset the volatility that has historically hammered trading volumes. The firm's analysts argue that the infrastructure shift offers a more predictable earnings base — staking, custody, and blockchain services don't rise and fall with every Bitcoin price move the way transaction fees do.
That logic has gained traction on Wall Street over the past year. Coinbase has steadily expanded its suite of non-trading offerings, including institutional custody and its Layer-2 network Base. The company recently rolled out staking products for Ethereum and Solana, pulling in recurring fees that analysts like to see.
The infrastructure shift
Coinbase has been public about wanting to become the AWS of crypto — a backend provider for other apps, exchanges, and developers. That means building out APIs, node infrastructure, and wallet software. The transition isn't complete, but the direction is clear.
Benchmark's note highlights that this model could insulate the company from the boom-and-bust cycles that defined its early years. When retail trading dries up during bear markets, infrastructure contracts tend to hold steady. That's a pitch that long-term investors are starting to buy.
The timing isn't accidental. Crypto markets have been choppy in early 2026, with Bitcoin bouncing between $60,000 and $80,000. Exchange volumes have dipped, putting pressure on pure-play trading businesses. Coinbase's quarterly earnings last month showed that transaction revenue fell 12% from the prior quarter, but its services revenue — staking, custody, and blockchain infrastructure — grew 18%.
Benchmark's price target suggests those service lines can keep climbing. If they do, Coinbase's valuation could decouple from crypto's price cycles entirely. That would be a big shift for a company that's historically been a proxy for retail speculation.
Benchmark will be watching Coinbase's next quarterly report, due in late July, for signs that the infrastructure business is gaining momentum. The firm also flagged potential tailwinds from clearer U.S. crypto regulations, which could open the door for more institutional clients to use Coinbase's custody and staking services.
For now, the $270 target stands — roughly 20% above where the stock traded at the close on Wednesday. Whether the market buys the infrastructure thesis the same way Benchmark does will depend on the numbers to come.
