Deutsche Bank has initiated coverage of Coinbase Global Inc. with a Buy rating and a $340 price target. This latest development hints at a broader product roadmap beyond spot crypto trading. The bank said the target implied about 40% upside from the stock’s level at the time of initiation. Coinbase shares traded near $240 on Dec. 26, after sliding amid softer crypto prices and volumes.
Deutsche Bank said Coinbase’s “everything exchange” strategy could expand its addressable markets across tokenized assets and on-chain services. The bank also cited liquidity metrics, including a valuation multiple of around 22 times earnings and a current ratio of around 2.4.
The call followed Coinbase’s December product showcase, scheduled for Dec. 17, 2025. Coinbase has signaled plans to expand “on-chain” offerings and widen the set of markets customers can access through its platform.
Deutsche Bank said Coinbase is continuing to shift toward an “everything exchange,” with initiatives tied to tokenized equities, prediction markets, and additional on-chain products. The bank expects these lines to add new revenue sources and materially reduce reliance on fee-heavy spot trading over time.
Coinbase’s product showcase has drawn attention because it aligns with that expansion plan. The company has framed the event as a platform update for products that connect traditional assets and crypto-native activity. As a result, investors have focused on how quickly Coinbase can convert new features into recurring usage.
Deutsche Bank highlighted derivatives as a structural opportunity as Coinbase adds more trading tools for institutions and active traders. Coinbase agreed to acquire Deribit to expand its crypto options footprint and derivatives reach. Coinbase announced the Deribit deal in May 2025 and later confirmed completion in August 2025.
In the US, the firm has launched CFTC-regulated perpetual futures on Coinbase Financial Markets. The company said US customers could trade perpetual-style futures starting July 21, 2025, beginning with nano Bitcoin and nano Ether contracts. Deutsche Bank stated that regulated derivatives could support steadier activity across market cycles.
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The bank pointed to stablecoins and subscription services as another growth pillar, with rising USDC balances and stablecoin payments supporting more recurring revenue. It said stablecoin-linked activity could help reduce earnings volatility tied to trading volumes.
Deutsche Bank expects Coinbase to keep investing heavily through 2025, which it said could pressure near-term profitability. However, it forecasts revenue growth outpacing expense growth from 2026, supporting modest margin expansion and more than 20% adjusted EBITDA growth next year. The bank described the recent pullback in Coinbase shares as leaving the stock undervalued versus projected earnings as product expansion accelerates.
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