Clear Street Sees Tokenized Stocks as Crypto's Next Catalyst
Clear Street raised its price target for Coinbase to $224 from $204 while maintaining a 'Buy' rating on the shares. Analyst Owen Lau said that Coinbase's development into stock derivatives and an IPO will spur new product launches and challenge the current market structure.
The firm cited that the setback in CLARITY Act could lead to adoption of tokenized stocks, with Clear Street raising its price target for Bullish to $43 from $37. Lau said issuers would benefit most since brokers and venues for tokenized securities are actively looking for ways to tokenize stocks.
Coinbase filed with the Commodity Futures Trading Commission to list cash-settled, perpetual-style futures on individual U.S. stocks, covering some 50-60 names including Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA) and Tesla (TSLA).