Mizuho says Coinbase (COIN) stock will soon face 'a reality check'

Mizuho analyst Dan Dolev on Coinbase (NASDAQ: COIN): "Is the saying: "as goes Bitcoin, so goes COIN" no longer valid? In the past, rising Bitcoin prices drove up retail engagement. But retail crypto FOMO appears to be fading, causing likely unprecedented bifurcation between Bitcoin prices and COIN volumes."

"With retail accounting for 95% of trading revenue, we worry that the YTD rise in COIN's stock is unsustainable. We expect a reality check to follow. Not enough pain for a Tuesday? The sharp spike in daily volumes post the SEC/Grayscale news has now faded. September avg. daily volumes are tracking -25% below August."

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