Benchmark Equity Research raised its price target for Coinbase stock to $301, citing strong fundamentals and increased investor demand following its inclusion in the S&P 500. The move reflects growing institutional interest as index-tracking funds are now required to purchase COIN shares.

Coinbase made history this week by becoming the first crypto-native company to join the S&P 500. Its stock surged 9% on Friday, closing at $266.32, despite recent security concerns and regulatory headwinds.

The rally comes in the wake of a serious data breach, in which hackers demanded $20 million in Bitcoin for stolen customer data. CEO Brian Armstrong confirmed that Coinbase will not comply with the extortion attempt, and there’s no indication that customer funds were impacted.

Coinbase also revealed it remains under investigation by the U.S. Securities and Exchange Commission. While regulatory pressure continues, analysts remain confident in the company's long-term position, maintaining a “Buy” rating.

Supporting the bullish outlook, Coinbase reported a 24% year-over-year revenue increase in Q1 and acquired crypto derivatives platform Deribit, signaling deeper global expansion and diversification of its product offering.