Bank of America upgraded Coinbase after easing tax-loss selling and shifting short interest, citing product expansion and long-term onchain ambitions.
Bank of America has joined Goldman Sachs in lifting Coinbase from “neutral” to “buy” this week, citing what it described as Coinbase’s growing role in moving financial activity on-chain and its evolution toward an “everything exchangee.”
In a research note released on Thursday, BofA said Coinbase’s expansion from trading to tokenizing real-world assets, including stocks and exchange-traded funds, as well as its move into prediction markets, is positioning it to cross-sell more products to new and future users and lead a “new financial system.”
BofA said Coinbase (COIN) shares could rise around 38% from their current price to reach $340 as short interest in COIN reverses, while the tax-loss harvesting pressure seen in late Q4 is easing.
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