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

Coinbase Inc. (NASDAQ:COIN) has indicated that the approval of spot Bitcoin ETFs in the U.S. could attract a new class of investors, including institutional and retirement funds. The Coinbase report suggests that such approval would simplify the investment process for large institutions, enhance market liquidity, and improve price discovery. David Duong of Coinbase sees this as an opportunity for new product development and wider crypto adoption. The report also mentions that billions could be added to the crypto market cap, and with current economic conditions, Bitcoin could become a more viable alternative. The SEC is nearing a decision on approving the first U.S. spot Bitcoin ETF, with firms like BlackRock, WisdomTree, and Valkyrie in the queue, potentially by 2024. Bitcoin's price has surged in anticipation, reaching $37,970 last week.

Portfolio Pulse from Benzinga Neuro

November 15, 2023 | 9:15 am

Adobe Inc.'s proposed $20 billion acquisition of Figma Inc. is expected to face an antitrust warning from the European Commission. The Commission is preparing a statement of objections, highlighting concerns about potential anti-competitive effects of the deal. The EU initiated an in-depth investigation into the takeover in August over concerns of reduced competition in the market for interactive product design tools. Figma collaborates with companies like Zoom Video Communications, Airbnb, and Coinbase Global. The Commission's decision on the deal is expected by February 5.

Portfolio Pulse from Nabaparna Bhattacharya

November 14, 2023 | 7:10 pm

Katherine Wu, a shareholder in Coinbase, revealed during the Q3 shareholder meeting that 52 million people own cryptocurrency, with ownership rates increasing among younger demographics.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 3:17 pm

Insiders at Oracle, Qualcomm, Southern Company, and Coinbase Global have recently sold shares. Insider sales can indicate various sentiments about the stock's value or company prospects. Notably, Kathryn Haun of Coinbase sold shares at $99 each, George N. Conrades of Oracle at $112.87, Stephen E Kuczynski of Southern at $68.39, and James J Cathey of Qualcomm at $124. These transactions occurred amidst various company-specific news such as earnings reports and analyst upgrades.

Portfolio Pulse from Lisa Levin

November 14, 2023 | 12:47 pm

Kevin O'Leary, Chairman of O'Shares ETFs, emphasized the need for regulatory clarity before getting excited about a Bitcoin ETF. He stated that institutions are ready to buy Bitcoin but are waiting for a compliant exchange, suggesting Coinbase Global Inc (COIN) as a leading candidate. O'Leary believes a spot Bitcoin ETF is over a year away due to SEC Chair Gary Gensler's stance. He also highlighted the challenges of 24/7 trading for institutional rebalancing. Bitcoin's price was down slightly at the time of the article.

Portfolio Pulse from Adam Eckert

November 13, 2023 | 3:54 pm

The stock market saw gains with the S&P 500 up 1.3%, Dow Jones up 0.7%, and Nasdaq up 2.4% over the past week. Moody's revised the U.S. credit outlook to negative. Bullish views include Tesla's expected rally, Disney's profitability rebuild, and Dogecoin's potential surge to 20 cents. Bearish news includes Plug Power's liquidity concerns, Airbnb's tax evasion issues in Italy, and Coinbase's regulatory troubles in Kazakhstan.

Portfolio Pulse from Michael Cohen

November 11, 2023 | 2:04 pm

Mizuho analyst Dan Dolev maintains an Underperform rating on Coinbase Global, Inc. (COIN) but raises the price target from $27 to $31. Despite COIN's share upswing (+170% YTD), Dolev warns of downside risk due to retail fatigue affecting revenue streams. Retail activity, crucial for COIN's revenue, shows a decline in monthly transacting user count and trading volume per user. However, near-term positives include higher spreads, stable market share against Robinhood Markets, Inc. (HOOD), and improved cost controls. The analyst has increased FY23 revenue and EBITDA estimates for COIN, while observing the impact of Bitcoin's price rise on user activity.

Portfolio Pulse from Nabaparna Bhattacharya

November 10, 2023 | 7:43 pm

Mizuho analyst Dan Dolev has maintained an Underperform rating on Coinbase Global (NASDAQ:COIN) but increased the price target from $27 to $31.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 5:18 pm

Benzinga's Stock Whisper Index highlights five stocks: GAN Limited after an acquisition announcement by Sega Sammy Creation; Marathon Digital Holdings following Q3 results and Bitcoin production increase; Eli Lilly with FDA approval for Tirzepatide; Astra Space after a buyout proposal from its founders; and Coinbase Global due to Q3 revenue beat and Bitcoin optimism. These stocks are gaining investor interest and could see short-term impacts.

Portfolio Pulse from Chris Katje

November 10, 2023 | 3:45 pm

BlackRock Inc. has submitted a form 19b-4, indicating its plans to launch an Ether exchange-traded fund (ETF). The firm plans to use Coinbase Custody Trust Company's services to safeguard the proposed ETF's holdings. The ETF would be benchmarked against the CME CF Ether-Dollar Reference Rate - New York Variant. This move aligns with BlackRock's efforts to introduce a Bitcoin ETF and reflects a broader trend of integrating cryptocurrencies into traditional investment portfolios.

Portfolio Pulse from Murtuza Merchant

November 09, 2023 | 10:23 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.