Brian Armstrong: Bitcoin ETF Approval Is Win-Win For Coinbase
Portfolio Pulse from Erica Kollmann
Coinbase Global, Inc. (NASDAQ:COIN) CEO Brian Armstrong discussed the impact of Bitcoin ETF approvals on the company, stating it's a positive development. Despite a recent 16% drop in COIN shares post-approval, the stock is still up over 77% in the last three months. Armstrong highlighted Coinbase's role as custodian for 10 of the 13 Bitcoin ETF applications, which could bring modest custody fees. Ark Invest sold 31,281 shares of Coinbase, while Wedbush analyst Moshe Katri upgraded COIN's price target from $110 to $180, maintaining an Outperform rating.
January 16, 2024 | 9:07 pm
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Coinbase CEO Brian Armstrong views Bitcoin ETF approvals as beneficial, with Coinbase acting as custodian for most ETFs. The stock has seen a recent decline but maintains a positive trend over three months. Analysts have a mixed response with Ark Invest selling shares and Wedbush raising the price target.
The positive outlook from the CEO and the role as custodian for ETFs suggest potential for increased revenue through custody fees. The recent sell-off by Ark Invest may cause concern, but the upgrade by Wedbush indicates confidence in the company's future performance. The mixed reactions could lead to volatility, but the overall trend and analyst upgrade suggest a positive short-term impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100