JPMorgan Analyst Criticizes Coinbase’s Lack of Insights Into Its ETF Business
Coinbase reported strong fourth-quarter earnings on Thursday, partly driven by the launch of the ten spot bitcoin exchange-traded funds (ETFs).
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Coinbase
Coinbase reported strong fourth-quarter earnings on Thursday, partly driven by the launch of the ten spot bitcoin exchange-traded funds (ETFs).
Higher crypto prices will have a positive effect on the exchange’s revenue, the analysts said.
Coinbase CEO Brian Armstrong (CoinDesk)
Massive inflows into spot bitcoin ETFs made headlines recently, but there are other metrics that showcase U.S. investors’ appetite for the asset.
The bank lifted its rating on Coinbase stock to reflect rising crypto prices following the approval of spot bitcoin ETFs in the U.S.
ARK sold $34.3 million of shares in the crypto exchange, which is due to report earnings after the U.S. market closes.
Tiger sold 38,850 shares during the fourth quarter.
Coinbase is expected to report strong revenue numbers, given an uptick in crypto trading volume towards the end of 2023.
Bitcoin approached the $50,000 level Monday for the first time in more than two years, but selling pressure on exchanges stalled the advance.
Bitcoin climbed over $46,000 for the first time in nearly a month early Friday, extending its gain for the week to nearly 10%.