PANews reported on May 13th that, according to The Block, despite Coinbase's lackluster Q1 earnings, Benchmark reiterated its buy rating on the stock and raised its price target from $260 to $270. Benchmark analysts believe that Coinbase is transforming from a market-dependent crypto exchange into a core infrastructure provider for the "on-chain economy," with its strategy increasingly centered around trust, custody, liquidity, and compliance. The company now boasts 12 business lines with annualized revenues of approximately $100 million each, with derivatives revenue reaching an all-time high, and On-Chain stablecoin trading volume on the Base chain increasing tenfold year-over-year. Despite a net loss of $394 million in Q1, Coinbase achieved a record 8.6% global crypto trading market share, marking its 12th consecutive quarter of net inflows. The platform's assets total approximately $294 billion, currently representing about 50% of the USDC stablecoin economy. Benchmark points out that an improved regulatory environment could be the biggest catalyst, with Coinbase's Chief Legal Officer predicting that the CLARITY Act could become law by the end of summer 2026.