Benchmark reaffirms Coinbase buy rating with target price of $270

Benchmark reiterates Coinbase's buy rating and target price of $270, which has 59.5% upside potential compared to Tuesday's closing price of $169.27. Analyst Mark Palmer stated that Coinbase is transitioning from a cryptocurrency broker to a comprehensive financial infrastructure platform. Benchmark pointed out that the US Commodity Futures Trading Commission has approved Coinbase to operate as a futures commission merchant, enabling it to provide global encrypted perpetual futures and options access to US clients through its $2.9 billion acquisition of Deribit.