Streetbeat News

COIN

Coinbase Global, Inc.

https://www.coinbase.com

Industry

Software - Application

Coinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment. Coinbase Global, Inc. was founded in 2012 and is based in Wilmington, Delaware.

Open

282.51

Mkt cap

77B

Volume

18M

High

306.45

P/E Ratio

52.02

52-wk high

334.86

Low

276.02

Div yield

N/A

52-wk low

94.90

The US stock market is expected to open with caution due to recent strong gains and key events. Despite the Federal Reserve's indication of future rate hikes, the market closed the week, quarter, and half year with solid gains. Analyst Ryan Detrick predicts a strong run for the S&P 500 Index in the second half of the year. In premarket trading, SPDR S&P 500 ETF Trust (SPY) rose 0.14% and the Invesco QQQ ETF (QQQ) gained 0.29%. Tesla (TSLA) rose over 6% after reporting record Q2 deliveries. Digital World Acquisition Corp. (DWAC) gained over 3% amid Twitter's woes.

Portfolio Pulse from Shanthi Rexaline

July 03, 2023 | 11:01 am

Several traditional financial institutions have reversed their previous cautious stance on Bitcoin, increasing their exposure to the cryptocurrency. BlackRock, Deutsche Bank, Santander Bank, Citadel Securities, and Societe Generale have all shown interest in offering crypto-related services. This shift comes despite regulatory actions against crypto-centric firms like Coinbase and Binance. Bitcoin's price has increased by nearly 15% over the past two weeks, demonstrating its resilience.

Portfolio Pulse from Murtuza Merchant

July 02, 2023 | 2:17 pm

The major U.S. stock market indexes each gained over 2% this week, marking a positive end to the second quarter of 2023. Seth Klarman, CEO of Baupost Group, praised Coinbase Global Inc for its smart moves. Apple Inc. is poised for a significant growth renaissance over the next 12 to 18 months, according to Wedbush's Daniel Ives. The recent resurgence of Bitcoin has sparked a surge in meme coins like Pepe, Dogecoin, and Shiba Inu. However, Lucid Group, Inc. and Rivian Automotive, Inc. could face bankruptcy, according to Future Fund managing partner Gary Black. The U.S. government's potential export restrictions on AI chips to China could impact companies like Nvidia Corporation. Brandon Nispel of KeyBanc Capital Markets has downgraded Walt Disney Co. from Overweight to Sector Weight.

Portfolio Pulse from Michael Cohen

July 01, 2023 | 2:50 pm

Cboe has refiled an application with the SEC for a Bitcoin ETF by Fidelity Investments and will work with Coinbase to ensure safeguards against market manipulation. Cboe also refiled listing applications for Bitcoin ETFs from WisdomTree, VanEck, and a joint effort between Invesco and Galaxy. The SEC has previously raised concerns over the lack of clarity and comprehensiveness in applications for Bitcoin ETFs.

Portfolio Pulse from Bibhu Pattnaik

July 01, 2023 | 2:43 pm

The past week saw several notable figures expressing their support for various cryptocurrencies. Seth Klarman, CEO of Baupost Group, praised Coinbase Global Inc for its smart moves and $5 billion cash reserve. A dormant Dogecoin wallet reawakened to massive gains, and former President Donald Trump’s NFT sales increased by 300%. YouTube personality MrBeast was linked to PEPE Coin, and Robert Kennedy Jr. reaffirmed his support for Bitcoin.

Portfolio Pulse from Benzinga Newsbot

July 01, 2023 | 11:11 am

Crypto lending platform Celsius, which filed for bankruptcy in July 2022, has received court approval to liquidate its cryptocurrency holdings to pay its creditors. The company can sell or convert non-Bitcoin and non-Ethereum cryptocurrencies into Bitcoin or Ethereum from July 1, 2023. The ruling comes amid increased scrutiny by the SEC on the cryptocurrency market, with major exchanges like Coinbase, Binance, and Bittrex facing actions.

Portfolio Pulse from Murtuza Merchant

June 30, 2023 | 7:30 pm

The SEC has rejected recent applications for spot bitcoin ETFs filed by asset managers including BlackRock and Fidelity Investments, citing lack of clarity and comprehensiveness. This comes as bitcoin and crypto-related stocks have surged following BlackRock's ETF application. Bitcoin has risen by approximately 20%, while shares of Coinbase Global, the custodian for the BlackRock fund's holdings, have surged by over 30%. Other asset managers have also reactivated or amended their applications for spot Bitcoin ETFs.

Portfolio Pulse from Murtuza Merchant

June 30, 2023 | 4:32 pm

A screening of small-cap ETFs revealed the largest positive and negative returns of the week. Winners include ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), with returns of 4.04% and 3.72% respectively. Losers include KraneShares Global Carbon Strategy ETF (KRBN) and Invesco DB Agriculture Fund (DBA), with losses of 6.97% and 4.88% respectively. ARKW and ARKF's largest holdings are Coinbase Global, Inc. (COIN) and Tesla, Inc. (TSLA), and Shopify, Inc. (SHOP) and COIN respectively. KRBN's largest holdings are a State Street money market fund and EU and California Carbon Allowances. DBA's largest holdings are US Government T-Bills and commodity futures.

Portfolio Pulse from Johnny Rice

June 30, 2023 | 2:33 pm

Coinbase Global Inc is investigating degraded performance for Coinbase Simple Trade. Customers may experience failures receiving quotes using Simple Trade (Buy, Sell, Convert).

Portfolio Pulse from Happy Mohamed

June 29, 2023 | 7:36 pm

Bitcoin (CRYPTO: BTC) is experiencing a resurgence, with meme coins such as Pepe coin (CRYPTO: PEPE), Dogecoin (CRYPTO: DOGE), and Shiba Inu (CRYPTO: SHIB) also seeing increases. This comes despite recent regulatory scrutiny from the SEC towards crypto platforms Coinbase (NASDAQ:COIN) and Binance (CRYPTO: BNB). One factor potentially influencing this upsurge is BlackRock's (NYSE:BLK) filing for a Bitcoin spot ETF, with Invesco and WisdomTree also submitting applications for their ETFs.

Portfolio Pulse from Murtuza Merchant

June 29, 2023 | 6:23 pm

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