Benchmark has reaffirmed its "Buy" rating for Coinbase, raising the price target from $260 to $270, despite the company's disappointing first-quarter results. Coinbase reported a net loss of $394 million and revenue of $755.8 million, falling short of market expectations. The adjusted EBITDA was $303.3 million, a sharp decline from $929.9 million in the previous year. Following the earnings announcement, Coinbase's stock fell by about 6%. Benchmark remains optimistic about Coinbase's transition from a crypto exchange reliant on market cycles to a core infrastructure platform for the on-chain economy. The company's expanding business footprint now includes stablecoins, crypto derivatives, tokenization, DeFi, payments, prediction markets, and AI-native businesses. Other firms like Rosenblatt Securities and Bernstein have also maintained positive ratings, reflecting continued institutional confidence in Coinbase's long-term strategic transformation.