Benchmark rates Coinbase (COIN) as a "Buy" with a target price of $252

ChainCatcher news, according to Coindesk, Wall Street brokerage Benchmark has rated Coinbase as "Buy," with a target price of $252. In early trading, Coinbase's stock price rose over 4%, to around $198.

Analyst Mark Palmer stated that Coinbase (COIN) is the largest cryptocurrency trading platform in the industry, with a market share of about 66% in the United States. The cryptocurrency trading platform offers "a comprehensive suite of products and services designed to facilitate the adoption and use of digital assets by both retail and institutional investors." As cryptocurrency regulation in the United States becomes clearer, the trend of poor stock performance may soon come to an end. Some key digital asset legislation is expected to be enacted in the coming months, which may lead to a new wave of demand for cryptocurrencies from institutional investors.