Deutsche Bank starts Coinbase coverage with Buy rating and sets $340 price target, implying 40% upside

Deutsche Bank has begun covering Coinbase shares with a Buy rating and a $340 price target, implying about 40% upside from recent levels. The bank expects derivatives, stablecoins and subscription services to take a larger share of Coinbase's revenue mix as the exchange moves toward an "everything exchange" model beyond spot crypto trading. Analysts project that new products such as prediction markets and tokenized equities could start contributing meaningfully from 2026 and support more than 20% adjusted EBITDA growth next year.