Bernstein has upgraded Coinbase (COIN) to Outperform, citing the accelerating global shift toward asset tokenization as a transformative catalyst. The move highlights growing institutional confidence in digital infrastructure providers poised to benefit from a projected $10 trillion+ market expansion in tokenized assets over the next decade.
- Bernstein upgrades Coinbase (COIN) to Outperform based on the emerging tokenization supercycle
- Tokenized assets market projected to reach $12.7 trillion by 2035
- COIN's 2025 revenue base stands at $2.8 billion, with scalability linked to tokenization growth
- COIN shares rose 7.3% post-upgrade, outperforming major indices
- BTC-USD and ETH-USD also gained, reflecting broader market optimism
- Institutional adoption and regulatory developments are accelerating tokenization trends
Bernstein's research team has assigned Coinbase (COIN) an Outperform rating, signaling strong conviction in the company's long-term growth trajectory amid a broadening supercycle in asset tokenization. The firm views the digitization of real-world assets—ranging from real estate and private equity to commodities and debt instruments—as a structural shift with profound implications for financial markets. This trend is expected to unlock trillions in previously illiquid capital, creating sustained demand for secure, compliant crypto infrastructure. Coinbase, with its regulated exchange, custody services, and developer tools, is positioned as a key enabler of this transition. The tokenization market is projected to reach $12.7 trillion in value by 2035, according to internal Bernstein modeling, driven by institutional adoption, regulatory clarity in key jurisdictions, and technological maturity. This expansion would represent a nearly 15-fold increase from current levels and significantly boost revenue potential for platform operators. COIN's diversified business model—comprising trading fees, institutional services, and staking—with a 2025 revenue base of $2.8 billion, is expected to scale with this trend. The upgrade also reflects confidence in COIN's ability to maintain a dominant market share in North America and Europe. In response, COIN shares rose 7.3% in after-hours trading as of January 10, 2026, outperforming the broader Nasdaq and the S&P 500. Bitcoin (BTC-USD) and Ethereum (ETH-USD) also saw gains, with BTC-USD up 3.1% and ETH-USD rising 4.5%, suggesting a broader market rally fueled by positive sentiment around blockchain infrastructure. Investors and asset managers monitoring fintech and digital asset equities are likely to reassess their exposure to COIN and related holdings in anticipation of sustained demand from institutional capital flowing into tokenized products.