Crypto's Next Catalyst Could Be Tokenized Stocks: Clear Street Raises Bullish, Coinbase Targets

Shares of Coinbase Global, Inc. (COIN) edged higher while shares of Bullish (BLSH) edged lower early morning on Tuesday after Clear Street raised price targets on both stocks.

In a note to investors cited by TheFly, Clear Street analyst Owen Lau raised the firm’s price target on Coinbase to $224 from $204, while maintaining a ‘Buy’ rating on the shares. The analyst added that Coinbase filed with the Commodity Futures Trading Commission to list cash-settled, perpetual-style futures on individual U.S. stocks, covering some 50-60 names including Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA) and Tesla (TSLA).

Coinbase Product Expansion

Lau said that the filing can drive more product launches at Coinbase and “disrupt the status quo in the existing market structure.” The firm adds that perpetual futures on single stocks in the U.S. could be coming sooner than expected.

Clear Street’s $224 price target implies an 11.4% upside for Coinbase from Monday’s close of $201.

Clear Street’s bet on Coinbase comes as the crypto firm has increased access to primary financial markets by offering initial public offering allocations to U.S. retail traders. One example the company cited is Oura’s IPO, which begins this week, where eligible customers can request shares at the offer price before open-market trading.