Investment firm Bernstein has raised its price target for Coinbase from $310 to $510, citing the company's misunderstood nature and its dominant positioning in the market. The surge in the target price follows the Senate's approval of the stablecoin GENIUS Act and other positive regulatory developments that are expected to enhance Coinbase's market share. The analysts highlighted that Coinbase's stock recently traded at $349, up 36% year-to-date, and believes the structural improvement in the crypto space will likely support its growth. The note also pointed out the company's commitment to compliance and its successful handling of user funds amidst a challenging landscape for other platforms. Additionally, Coinbase's initiatives, such as its plans for the derivatives exchange Deribit and partnerships with major players like JP Morgan, further solidify its favorable outlook in the evolving crypto ecosystem.

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