Coinbase Joins Nasdaq and S&P Global as a Top Fintech Pick for 2026
Coinbase is increasingly being viewed not just as a crypto exchange, but as a core piece of emerging financial infrastructure, according to a new 2026 outlook from Clear Street.
In a report, analyst Owen Lau named Coinbase among his top fintech ideas for the coming year, placing it alongside established market data and exchange giants as the digital asset sector matures beyond speculative trading.
Lau, an analyst at Clear Street, reiterated his buy rating on Coinbase shares and maintained a 12-month price target of $415.
He ranked the company alongside Nasdaq and S&P Global as his three highest-conviction fintech picks heading into 2026, underscoring a broader shift in how Wall Street is evaluating crypto-linked equities.
Coinbase share price (Source: Google Finance)
The bullish outlook comes amid short-term market weakness. Coinbase shares were down roughly 1.2% to around $234.50 during a post-Christmas selloff that swept across digital assets and crypto-related stocks.
Despite the near-term volatility, Lau argued that the current pullback does little to change the longer-term thesis.
From Trading Platform to Financial Infrastructure
Lau said Coinbase is “best positioned to benefit from blockchain adoption and regulatory clarity,” pointing to a business model that has diversified meaningfully over the past several years. While spot trading remains a core revenue driver, Coinbase has increasingly expanded into subscriptions, custody, stablecoin economics, derivatives, payments, and on-chain financial services.
That diversification, Lau noted, could help Coinbase weather future crypto cycles better than it did during earlier boom-and-bust periods, when trading volumes were the dominant driver of earnings. As regulatory frameworks solidify, he expects institutional and enterprise use cases to play a larger role in revenue stability.
A central pillar of that strategy is USDC, the dollar-backed stablecoin jointly operated by Coinbase and Circle. USDC has become one of the most widely used stablecoins in the global crypto economy, underpinning payments, trading, and decentralized finance activity across multiple blockchains.
USDC Economics and Valuation Disconnect
According to Lau, Coinbase’s exposure to USDC is underappreciated by the market.
Circle shares roughly 50% of its USDC-related revenue with Coinbase, providing the exchange with a recurring, high-margin income stream tied to stablecoin adoption rather than trading speculation.
Despite that arrangement, Lau highlighted that Coinbase continues to trade at a valuation discount to Circle when measured against expected earnings. He views this disconnect as unsustainable if stablecoins continue to gain traction in payments, tokenized assets, and cross-border settlement.
The stablecoin thesis is closely linked to anticipated regulatory developments. Lau pointed to potential U.S. legislation around stablecoins and crypto market structure as a major catalyst for 2026, arguing that clearer rules could unlock broader institutional participation and corporate adoption.
New Growth Levers Beyond Core Crypto
Beyond stablecoins, Lau outlined several additional growth avenues that could help re-rate Coinbase’s valuation. These include the company’s push into prediction markets, efforts to build what he described as a potential crypto “superapp,” and early moves toward AI-driven financial tools that could integrate trading, analytics, and automation.
Coinbase has also continued to expand internationally, positioning itself to benefit from regulatory clarity in markets outside the United States. Combined with a strong balance sheet, that global footprint gives the company flexibility to invest through market downturns while smaller competitors retrench.
Lau characterized 2026 as a “transition year” for crypto equities, when investor focus shifts away from pure trading volume metrics and toward evidence of real-world adoption. In that environment, companies with diversified revenue streams and infrastructure-level relevance are likely to stand out.
A Changing Narrative for Crypto Stocks
The report signals a broader change in how analysts are framing crypto-exposed companies. Rather than treating them as high-beta proxies for token prices, Lau’s outlook positions Coinbase as a long-term beneficiary of blockchain’s integration into traditional finance.
While near-term price swings remain a feature of the sector, Lau suggested that the next phase of the crypto market will reward platforms that enable payments, tokenization, custody, and compliant on-chain financial activity at scale.
For Coinbase, the challenge in 2026 may be less about surviving volatility and more about proving that its expanding ecosystem can translate regulatory clarity and adoption into sustained earnings growth.
If that happens, Lau believes the market’s perception — and valuation — of the company could change significantly.
