Coinbase’s stock surged nearly 7% in morning trading on Thursday, pushing shares to an intraday high of $188.10 from a prior close of $174.96.
Cantor Fitzgerald analyst Ramsey El-Assal raised his price target on Coinbase to $212 from $184 while maintaining an Overweight rating. The upgrade followed comments from Coinbase CEO Brian Armstrong, who expressed confidence that the Digital Asset Market Clarity Act could pass the Senate in September.
The bill aims to establish federal oversight of digital assets and define how financial institutions engage in crypto-related activities such as payments, lending, custody and trading. Armstrong’s remarks were interpreted as a signal that regulatory clarity could be imminent, supporting Coinbase’s market position.
The stock’s advance occurred alongside broader equity gains, with the S&P 500 up 1.03% to 7,745.80 and the Nasdaq climbing 1.41% to 26,588.18. Bitcoin remained above $77,500 over the prior week, contributing to a supportive environment for crypto-linked equities.
Coinbase also announced the appointment of Anthony Armstrong to its board of directors, effective September 1. The new director previously served as CFO of Elon Musk’s xAI and X Corp and spent nearly a decade at Morgan Stanley’s investment banking division. The move was framed as a governance upgrade aimed at bolstering institutional credibility.
Net Bitcoin ETF inflows resumed on September 2, further reinforcing market sentiment toward digital assets. The combination of regulatory optimism, governance changes and renewed crypto investment flows supported Coinbase’s stock performance.
