Coinbase Achieves $100 Billion Market Cap Amid Bitcoin Surge

This weekend, Bitcoin surged to new all-time highs, leading Coinbase, the largest cryptocurrency exchange in the U.S., to hit two significant milestones in Monday's trading session. Coinbase's stock closed up 1.8% at $394.01 per share, marking a new all-time closing high since its public debut in April 2021, with an intraday peak of $398.50. As a result, Coinbase's market cap now stands at approximately $100.36 billion, according to Yahoo Finance, marking a historic first for the exchange. In just the past month, Coinbase shares have soared by 50%, fueled by the successful IPO of Circle Internet Group (ticker CRCL) and positive regulatory news in the U.S. Furthermore, COIN shares were added to the S&P 500 index on May 19, becoming the first pure-play cryptocurrency company in this benchmark. Analysts are optimistic, with Bernstein raising its price target for Coinbase to $510, dubbing it the 'Amazon of crypto financial services.' Bitwise CIO Matt Hougan has previously stated that Coinbase could be valued at $1 trillion in the future. He highlighted, 'Pick a company currently valued below $100 billion that has the highest chance of being a $1+ trillion company some day. I'll start: Coinbase at $61 billion.' Coinbase's non-transaction-based revenue has also grown steadily, reaching $772 million in Q1, according to The Block's data. Recently, the company hired AlexOnchain to enhance its social media outreach. Meanwhile, Bitcoin has crossed the $122,000 mark for the first time, currently trading around $119,700 according to The Block's BTC price data.