Who Would Buy Bitcoin ETF If Approved? Analyst Survey Reveals
Portfolio Pulse from Anusuya Lahiri
Needham analyst John Todaro has a Buy rating on Coinbase (COIN) with a price target of $160 and a Hold rating on Robinhood (HOOD). His survey of financial advisors and users suggests that while most advisors would prefer a bitcoin ETF for their clients, there is currently limited interest unless bitcoin prices rise. The survey also indicates that an ETF is unlikely to significantly attract new capital or affect Coinbase's trading business, as most bitcoin owners prefer crypto platforms. COIN shares were up 5.56%, while HOOD shares rose 2.45%.
December 13, 2023 | 8:35 pm
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POSITIVE IMPACT
Needham analyst John Todaro maintains a Buy rating on Coinbase with a price target of $160. The survey suggests that a bitcoin ETF would be preferred by advisors but is unlikely to affect Coinbase's trading business significantly.
The positive Buy rating and price target by the analyst, combined with the survey's implication that Coinbase's business would not be cannibalized by a bitcoin ETF, suggest a positive short-term impact on COIN's stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90
NEUTRAL IMPACT
John Todaro has a Hold rating on Robinhood. The survey indicates limited current interest in a bitcoin ETF, which may not drive significant new capital flows unless bitcoin prices rise.
The Hold rating suggests a neutral outlook for Robinhood, and the survey's findings do not indicate a strong short-term impact on HOOD's stock price from potential bitcoin ETF interest.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 70