Ebube Jones

Tue, Jun 24, 2025, 10:19 AM5 min read

The digital asset sector is poised for transformation with the Senate’s decisive passage of the GENIUS Act in June 2025, promising to deliver essential regulatory clarity for stablecoins. This pivotal legislation aims to enforce stringent standards for reserve backing and transparency, effectively tackling the most critical challenges confronting the $260 billion stablecoin market.

Coinbase Global (COIN) has been front and center in this shift, with its shares jumping 16% in a single day on June 18. This surge comes on the heels of a strong first quarter, in which Coinbase reported $2.03 billion in revenue, up 24.2% for the year, and saw USD Coin (USDC) holdings in its products reach $12.3 billion as stablecoin adoption accelerated.

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Now, with some analysts setting a Street-high price target of $400, 16% above current levels, the big question is clear: Will the GENIUS Act’s regulatory clarity be the catalyst that pushes Coinbase to new all-time highs in 2025, or is the market getting ahead of itself? Let’s find out.

Coinbase (COIN) is the largest cryptocurrency exchange in the U.S., providing a comprehensive platform for trading, staking, and custody of digital assets. Shares are up 35.6% in the year to date and 58.6% over the past 52 weeks.

Following this strong price action, Coinbase’s market capitalization stands at $78.1 billion, with a forward price-earnings ratio of 60.23x and a price-sales ratio of 11.93x, metrics that underscore the market’s lofty expectations for future growth.

The company’s latest earnings report, released on May 8, 2025, paints a nuanced picture of resilience and transition. Total revenue for Q1 reached $2.03 billion, marking a 24% increase year-over-year but a 10% drop from the previous quarter, coming in just shy of analyst forecasts.

Transaction revenue fell 19% quarter-over-quarter to $1.26 billion, while subscription and services revenue grew 9% sequentially to $698 million. This uptick was largely fueled by the booming stablecoin market, with USDC’s market cap hitting an all-time high above $60 billion and average USDC held in Coinbase products soaring to $12.3 billion.