“The crypto exchange’s tokenization, AI tools, and stablecoin revenue help it stand out in a ‘transition year’ for crypto equities, said Clear Street’s Owen Lau.”, — write: www.coindesk.com
Lau, who already had a buy rating and a 12-month price target of $415 for COIN — ranked the crypto exchange alongside Nasdaq (NDAQ) and S&P Global (SPGI) as his top three fintech picks going into next year.
Amid a broad post-Christmas crypto selloff on Friday, COIN shares are lower by 2.2% to $234.50.
Lau said that Coinbase is “best positioned to benefit from blockchain adoption and regulatory clarity,” pointing to the company’s growing revenue from subscriptions, stablecoin activity and on-chain financial services. Coinbase’s diversification away from volatile spot trading and deeper involvement in areas like tokenization, payments and derivatives may help it weather crypto cycles better than in the past, he argued.
One key driver, according to Lau, is USDC, the stablecoin that is jointly operated by Circle and Coinbase. Circle shares roughly 50% of its revenue from USDC with Coinbase, yet Coinbase still trades at a discount to Circle based on expected earnings.
Lau also sees multiple other catalysts that could help re-rate Coinbase’s valuation in 2026, including US legislation on crypto market structure and stablecoin frameworks. He also points to the company’s expansion into prediction markets, a potential “superapp,” and AI-based financial tools as new growth levers.
Describing 2026 as a “transition year” for crypto equities — when investors will shift focus from trading volumes to signs of real adoption — Lau believes that Coinbase is well positioned to benefit thanks to its strong balance sheet, international reach and diversified product pipeline.
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional gains. Explore the key trends defining ten major blockchains below.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
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Five years of CME futures data shows where bitcoin has, and has not, built meaningful price support.
- Bitcoin has spent relatively little time between $70,000 and $80,000, just 28 trading days, making that level among the least developed price ranges in terms of historical consolidation and support.
- This lack of time spent is reinforced by Glassnode’s UTXO Realized Price Distribution, which shows limited supply concentrated between $70,000 and $80,000, suggesting that if another pullback occurs, bitcoin may need to consolidate in this zone to establish stronger structural support.
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