Will Coinbase Global (COIN) Stock Blast Through $400?

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Coinbase Global (COIN) stock appears poised to pass $400 based on Coinbase’s revenue growth and ambition to earn a national bank charter. However, ultimately COIN stock’s fate will depend on the trajectory of the Bitcoin price. Some investors get rich while others struggle because they never learned there are two completely different strategies to building wealth. Don’t make the same mistake, learn about both here.

Many people buy and sell Bitcoin (CRYPTO:BTC) and other cryptocurrencies on the Coinbase Global (NASDAQ:COIN) trading platform. If you believe that the crypto space will grow during the next year or two, then it makes sense to buy COIN stock in anticipation of higher prices.

Yet, it's not as simple as that. The recent cryptocurrency correction should remind investors that all crypto-related assets, including Coinbase stock, are subject to volatility. Sure, COIN stock has a good chance of surpassing $400, but you'll definitely want to know the facts and risks before entering into the trade.

It's Good to Be the King

There are competing cryptocurrency trading exchanges out there. However, in terms of brand-name recognition in the U.S., Coinbase is currently the king of the hill.

It's difficult to quantify Coinbase's brand-name recognition, but we can certainly measure the company's sales and profit growth. As we'll discover in a moment, Coinbase deserves the title of revenue-growth king in the crypto-verse.

Here's the scoop. For the three months ended September 30, 2025, Coinbase reported approximately $1.87 billion in total revenue. That's 54.5% higher than the company's $1.21 billion in total revenue from the year-earlier quarter.

Furthermore, Coinbase grew its diluted net income attributable to common stockholders from $75.46 billion in the year-earlier quarter to $437.1 billion in the three months ended September 30, 2025. Believe it or not, this represents a 479% year-over-year increase in Coinbase's income.

During the same time frame, Coinbase grew its position of cash and cash equivalents slightly from $8.54 billion to $8.68 billion. Along with all of that cash, Coinbase expanded its position of crypto assets held for investment from $1.55 billion to $2.6 billion.

As the old saying goes, the numbers don't lie. COIN stock already hit $400 earlier this year, and given Coinbase's financial growth, it's easy to imagine the share price revisiting $400 in short order.

Coinbase Bank Charter: Ambitions and Pushback

A milestone that Coinbase's management evidently wants to achieve is the acquisition of a national U.S. bank charter. This would go a long way toward legitimizing Coinbase in a time when some traditional bankers still view the cryptocurrency world as an under-regulated Wild West.

Story Continues

To that end, Coinbase has applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter. However, the Independent Community Bankers of America (ICBA) urged the OCC to deny Coinbase's application.

The ICBA claimed that Coinbase's national bank charter application"fails to meet statutory chartering standards and would set a dangerous precedent for the structure of the U.S. banking system." Moreover, the ICBA published a letter to the OCC alleging that Coinbase has "demonstrably flawed risk and control functions while operating under a governance structure that prevents independent oversight."

On top of all that, the ICBA alleged that Coinbase National Trust Company (CNTC), that Coinbase subsidiary that's applying for the national bank charter, "would struggle to achieve and maintain profitability during crypto bear markets." As I will touch upon later, it's a fair point that cryptocurrency prices will impact the bottom line of Coinbase and its subsidiaries.

Coinbase Chief Legal Officer Paul Grewal responded to the ICBA's pushback in an X posting, declaring, "Imagine opposing a regulated trust charter because you prefer crypto to stay … unregulated. That’s ICBA’s position." Grewal also criticized "bank lobbyists trying to dig regulatory moats to protect their own," adding, "From undoing a law to go after rewards to blocking charters, protectionism isn’t consumer protection."

COIN's Path to $400 Depends on Bitcoin

It's difficult to predict whether Coinbase will successfully earn a U.S. banking charter. COIN stock optimists might contend that the company is already rapidly growing its revenue and profits, so evidently Coinbase can prosper with or without a banking charter.

The company's success, however, is a function of the growth of cryptocurrency in general and Bitcoin in particular. Surely, it's not mere happenstance that Coinbase stock sometimes follows the price action of Bitcoin.

Consequently, COIN stock is unlikely to return to $400 anytime soon unless there's a Bitcoin rally. The takeaway, then, is that only Bitcoin bulls should consider buying Coinbase shares.

Also, even if you're confident about crypto, always be prepared for volatility risk and price fluctuations. Keep a close watch on Bitcoin's ups and downs as Coinbase stock's trajectory will, to a certain extent, follow the ever-changing path of cryptocurrency.

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