Goldman Sachs has raised its price target for Coinbase Global to $196 from $173, while maintaining a Buy rating, signaling increased confidence in the crypto exchange's expansion beyond spot trading. Canaccord similarly lifted its target for MicroStrategy to $175 from $130, reflecting broader institutional optimism toward digital asset-linked equities.
The updates arrived as Bitcoin climbed past $80,000 after a 26% weekly gain, pushing total crypto market capitalization to roughly $2.8 trillion following a 21% rebound over seven days. Analysts at Goldman Sachs noted that transaction volumes fell 30% in July and another 21% in August, a cumulative pullback of nearly 75% from recent highs, but said exchange activity could recover if valuations hold.
Coinbase shares gained more than 21% in the past week, while Robinhood shares rose 12%. Goldman also reiterated a Buy rating on Robinhood with a $124 price target. The bank highlighted revenue diversification into prediction markets, tokenized stock trading, and perpetual futures. Coinbase’s event contracts unit reached an annualized revenue run rate of $100 million less than two months after launch. Bernstein projects Robinhood’s prediction market revenue could reach $586 million by end-2026, up from $150 million in 2025.
Goldman Sachs disclosed an $86.5 million position across spot XRP exchange-traded funds in its second-quarter 13F filing, involving vehicles managed by Franklin Templeton, Bitwise, Canary Capital, 21Shares, and Grayscale. The filing does not specify whether these holdings are proprietary or client-related. The bank also agreed in August to acquire Neos Investments for up to $2.25 billion, adding more than $30 billion in ETFs focused on Bitcoin and Ethereum options strategies.
The broader backdrop includes legislative debate in Washington over the SEC’s investment contract regulatory proposal and the CLARITY bill, with a Senate procedural vote scheduled for September 15.
