New York-based financial firm Oppenheimer increased Coinbase's share price target to $276, up from a previous target of $200, while reiterating its buy rating.

The increased price target to $276 from Oppenheimer is around 10% higher than Wednesday's closing share price of Coinbase, which was $251.58.

'The adoption of digital assets continued after the approval of spot bitcoin ETFs in January," said Oppenheimer Executive Director Owen Lau in a note. "We estimate that COIN's 1Q24 trading volume would be up 95% quarter-on-quarter, and 107% year-on-year to $300 billion.

Lau added that liquidity in the space has continued to grow, with USDC's market cap increasing 12% between the first quarter of 2024 and the last quarter of 2023.

According to Oppenheimer, the continued adoption of digital …