Institutional Attitudes Toward Crypto Evolving, Bernstein Says After Coinbase-JPMorgan Pact

JPMorgan-Coinbase Alliance Marks Turning Point for Institutional Crypto Adoption, Says Bernstein

A newly announced strategic partnership between Coinbase (COIN) and JPMorgan (JPM) reflects a growing willingness among traditional financial institutions to embrace digital asset infrastructure, according to analysts at brokerage firm Bernstein.

The deal positions Coinbase not just as a crypto exchange, but as a foundational infrastructure partner for legacy banks. In a Wednesday note, analysts led by Gautam Chhugani said the move underscores a broader institutional shift—one that sees banks integrating with, rather than competing against, crypto-native platforms.

“This marks a notable evolution in institutional posture,” the note said, highlighting the significance of JPMorgan’s involvement given CEO Jamie Dimon’s prior skepticism toward cryptocurrencies.

Bernstein views the partnership as a key unlock for the sector, helping remove long-standing banking bottlenecks and enabling more direct access to capital from traditional finance. New features such as direct transfers between bank accounts and Coinbase, as well as USDC-linked rewards, are seen as early steps toward seamless integration between fiat and crypto ecosystems.

Over time, stablecoins like USDC could become digital cash equivalents, supporting savings and payment use cases as traditional banks adapt to the emerging crypto economy, the report added.

Bernstein reiterated its “outperform” rating on Coinbase shares, with a $510 price target. COIN was trading 2.7% higher at $381.50 at the time of writing.