Mizuho Securities Reiterates Neutral Rating on Coinbase Global Inc. (COIN), 'Is Bitcoin ETF Emerging as a Double Whammy for Coinbase?'

Mizuho Securities analyst Dan Dolev reiterated a Neutral rating and $60.00 price target on Coinbase Global Inc. (NASDAQ: COIN).

The analyst commented: "The big hope for Coinbase heading into 2024 was that more Bitcoin ETF AUM would drive increased spot trading. In contrast: [1] Outflows from ETFs where Coinbase is the custodian exceed inflows (i.e. -$6bn outflows from GBTC since January 11th vs. +$4.9bn estimated inflows to other seven ETFs that Coinbase custodies). [2] Spot volumes on Coinbase have abated following the initial excitement surrounding the ETF launch (i.e. $1.9bn ADTV since January 13th vs. $2.5bn in the 30 days leading up to the launch). Are price concessions looming? Last week, Coinbase announced reduced fees for high volume traders (see post). Underperform. PT $6."

For an analyst ratings summary and ratings history on Coinbase Global Inc. click here. For more ratings news on Coinbase Global Inc. click here.

Shares of Coinbase Global Inc. closed at $129.22 yesterday.

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