Wall Street's major investment banks recently released a 2026 industry report, making several optimistic judgments about a leading crypto trading platform.

The investment banks upgraded the platform's rating from Neutral directly to Buy, with a target price set at $303. Currently, the platform's token price is around $225, which means there is still a 34% upside. However, it should be clarified—these banks emphasize this is "selective optimism," not a sign that the entire cryptocurrency industry is about to take off.

Why are they optimistic? The core logic is actually quite clear. Recently, this platform has been very active in product innovation, and more importantly, it is changing its business model. It used to rely on trading fees for revenue, but now it is focusing more on "infrastructure" businesses like custody, staking, and subscriptions. This shift makes the company's growth potential look promising.

But reality must also be faced. In the short term, competition will intensify, and interest rate fluctuations are increasingly impacting such platforms. The investment banks predict that the adjusted 2026 EBITDA profit margin may be suppressed by these factors, essentially remaining flat.

The most interesting aspect is the change in revenue structure. Non-trading businesses, which accounted for less than 5% of revenue five years ago, have now become an important support. This transformation is logically solid, but whether it can proceed smoothly still depends on market sentiment.