On Sep. 10, Morgan Stanley initiated coverage of Coinbase Global (Nasdaq: COIN) for the first time since the crypto exchange went public, assigning the stock an “Equal Weight” rating and a $250 price target.

The bigger takeaway is not the target itself, but why Morgan Stanley believes Coinbase now warrants broader coverage.

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The bank said Coinbase’s expansion beyond spot crypto trading is creating a much larger addressable market.

“The Everything Exchange expands COIN’s opportunity beyond crypto into equities, commodities, prediction markets, pre-IPO exposure, and tokenized assets, while its custody, financing, stablecoin…