As Ethereum continues to power an expanding ecosystem, crypto exchange Coinbase (COIN) stands out as one of the leading public companies aligned with the blockchain, Wall Street broker Bernstein said in a research report Monday.

The network’s native token ether (ETH) has rallied 80% since June 5, the report noted, catalyzed by Circle’s (CRCL) listing and the market’s realization that most stablecoins are minted on the Ethereum network.

Coinbase operates one of the largest Layer 2 chains on Ethereum, Base, which processes more than 9 million transactions daily, encompassing stablecoins, trading, financial applications, and consumer-facing services, analysts led by Gautam Chhugani wrote.

While Base has no native token, transaction gas fees are settled in ether, positioning Coinbase to earn sequencer fees in ETH. This contributes to an annualized revenue run rate of $75 million, the analysts wrote.

Beyond transaction fees, Base has also emerged as the dominant chain for token deployments, Bernstein said. Coinbase’s decision to integrate all Base tokens into its primary exchange platform has significantly increased trading activity, further boosting ETH-denominated brokerage fees.

The launch of the Base App, a consumer wallet for buying, selling, holding, and transferring crypto (including stablecoin payments), further strengthens Coinbase’s exposure to Ethereum and its ecosystem.

In addition to its operational activities, Coinbase holds a sizable ether treasury valued at $590 million (136,782 ETH), making the company a direct beneficiary of the token’s price appreciation, the broker said.

As Coinbase highlighted in its second quarter earnings report, July trading fees surged approximately 40% compared to the Q2 average, driven by increased ether trading activity.

This surge reflects the broader market excitement surrounding ether, and with over 250 tokens listed on Coinbase, the exchange is poised to benefit from the broader Ethereum ecosystem growth, the report added.

Bernstein has an outperform rating on Coinbase stock with a $510 price target. The shares were 4% higher, trading around $323 at publication time.

Read more: Coinbase’s Weak Q2 Is a Blip, Not a Breakdown: Says Benchmark