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

Binance.US has updated its digital asset listing process and is considering adding new digital assets to its platform. The company will select altcoin assets for potential listing based on market demand, forecasted trading volume, liquidity, regulatory standing in the U.S., and community engagement. Currently, Binance.US is considering Sui (SUI), a delegated proof-of-stake layer 1 network, for listing. This process is similar to the one followed by Coinbase (NASDAQ:COIN) to mitigate speculative price movements post-listing.

Portfolio Pulse from Khyathi Dalal

October 14, 2023 | 2:31 pm

Coinbase Global Inc. (NASDAQ:COIN) has expressed concerns over a new tax proposal by the U.S. Internal Revenue Service (IRS) that seeks to define crypto brokers and guide them on tax compliance. Coinbase views the proposal as a threat to the cryptocurrency industry and an infringement on the privacy of U.S. citizens. The company has requested the IRS to amend the proposal, limiting compliance requirements to parties directly involved in digital asset transactions.

Portfolio Pulse from Benzinga Neuro

October 13, 2023 | 12:42 pm

Anthony Scaramucci, founder of SkyBridge Capital, believes Bitcoin could reach $150K to $250K with the launch of Bitcoin ETFs. He has invested hundreds of millions in the cryptocurrency space, including Bitcoin holdings on SkyBridge and his personal balance sheet. Scaramucci also partnered with FirstTrust to launch the FirstTrust SkyBridge Crypto Industry and Digital Economy ETF (NYSE:CRPT) in 2021. The ETF includes companies linked to digital assets, such as MicroStrategy Inc (NYSE:MSTR), Coinbase Global (NASDAQ:COIN), Riot Platforms (NASDAQ:RIOT), Marathon Digital Holdings (NASDAQ:MARA), and Galaxy Digital Holdings (OTC:BRPHF).

Portfolio Pulse from Chris Katje

October 12, 2023 | 8:25 pm

Oppenheimer analyst Owen Lau expects Coinbase Global, Inc. (NASDAQ:COIN) to have a challenging Q3, with trading volume predicted to decline 49% Y/Y and 16% Q/Q to $77 billion. The stock is down ~38% from mid-July due to the delayed decision of spot Bitcoin ETF applications and weak trading volume. However, a favorable ruling in Coinbase's lawsuit and potential approval of spot Bitcoin ETF could trigger a short squeeze. Lau slightly raised 3Q revenue and adjusted EBITDA estimates to $673 million and $82 million, respectively.

Portfolio Pulse from Nabaparna Bhattacharya

October 12, 2023 | 6:00 pm

The crypto market is still recovering from the FTX blowup last year, with the market value significantly decreased, NFT trading plummeted, and venture capital deals shrunk. Bitcoin has recovered by 60% this year, trading around $27,000, but remains below the record high of $69,000 set in November 2021. The $3 trillion market has now shrunk to $1 trillion. Legal proceedings against crypto firms like Genesis Global, Celsius Network, Voyager Digital, Three Arrows Capital, and BlockFi Inc. have been mounting. Coinbase Global Inc. is battling SEC allegations, and Binance is embroiled in enforcement actions by the Commodity Futures Trading Commission and SEC.

Portfolio Pulse from Benzinga Neuro

October 12, 2023 | 4:50 am

The Real Good Food Company, Inc. (NASDAQ:RGF) shares dropped after the company reported preliminary Q3 results and issued full-year and Q4 revenue guidance below estimates. The company also announced the commencement of a public offering. Full-year 2023 revenue is expected to be between $185 million and $194 million, versus the $202.35 million estimate. Shares of RGF were down 26.1% at $2.29.

Portfolio Pulse from Ryan Gustafson

October 11, 2023 | 8:11 pm

In the last quarter, Coinbase Glb (NASDAQ:COIN) received various analyst ratings, with 7 bullish, 3 somewhat bullish, 4 indifferent, 7 somewhat bearish, and 1 bearish. The average 12-month price target for COIN over the last 3 months is $89.55, a 34.16% increase from the previous average of $66.75.

Portfolio Pulse from Benzinga Insights

October 10, 2023 | 2:00 pm

Barclays analyst Benjamin Budish maintains an Underweight rating on Coinbase Global (NASDAQ:COIN) and has lowered the price target from $70 to $68.

Portfolio Pulse from Benzinga Newsdesk

October 10, 2023 | 1:18 pm

The SEC's argument in a federal court case against Coinbase that cryptocurrencies lack any inherent value has drawn criticism from Tesla CEO Elon Musk and Dogecoin co-creator Billy Markus. The SEC's stance is based on federal securities laws and the 'Howey Test'. Coinbase's chief legal officer, Paul Grewal, dismissed the SEC's arguments. Earlier, Coinbase received a Wells Notice from the SEC over potential violations of U.S. securities law.

Portfolio Pulse from Mehab Qureshi

October 09, 2023 | 3:39 am

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 5:19 pm

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