Coinbase Surpasses $100 Billion Market Cap for First Time as Bitcoin Hits New Record Highs
Coinbase, the largest cryptocurrency exchange in the United States, has officially crossed the $100 billion market capitalization mark for the first time, buoyed by surging Bitcoin prices and renewed investor optimism in digital assets.
The company’s stock closed Monday’s trading session at $394.01, its highest-ever closing price, with intraday peaks reaching $398.50. This puts Coinbase’s market value at approximately $100.36 billion, according to Yahoo Finance.
The milestone coincides with Bitcoin reaching a new all-time high of $122,000, reflecting strong institutional demand and sustained ETF inflows. The bullish sentiment has also boosted broader crypto equities, with Coinbase shares climbing over 50% in the past month alone.
The recent upswing in Coinbase’s valuation follows several major catalysts. Among them is the successful IPO of Circle Internet Financial (CRCL), which signaled growing confidence in regulated crypto firms. Regulatory tailwinds in the U.S. and Coinbase’s inclusion in the S&P 500 index in May have also contributed to the momentum.
Coinbase is the first pure-play crypto company to join the S&P 500, a move that analysts say further validates the sector’s long-term potential. Bernstein recently raised its price target for the stock to $510, describing Coinbase as the “Amazon of crypto financial services.”
Matt Hougan, CIO at Bitwise, went a step further, suggesting the company could eventually reach a $1 trillion valuation. “Pick a company currently valued below $100 billion that has the highest chance of becoming a $1+ trillion company some day,” he posted in May. “I’ll start: Coinbase.”
While Coinbase remains best known for its trading platform, its business model has evolved considerably. Non-trading revenues, including from custody, staking, and institutional services, reached $772 million in the first quarter of 2025, according to company data. This shift is helping the firm build resilience amid market volatility.
Last week, Coinbase also signaled a push toward brand and community engagement by hiring prominent pseudonymous crypto commentator AlexOnchain to bolster its presence on social media.
Coinbase’s rise is closely linked to Bitcoin’s market performance. The flagship cryptocurrency hit $122,000 for the first time on Monday, though it later settled just under $120,000.
The surge is being fueled by consistent inflows into spot Bitcoin ETFs, with investor appetite showing no signs of cooling.
