Coinbase Global, Inc. COIN shares are trading lower Tuesday, although the stock remains up 5% over the past month. Let’s dive into recent developments, including an analyst’s price target increase.
Insights:
As of Monday, Needham analyst John Todaro maintained Coinbase Global with a Buy rating and increased the price target from $160 to $180. Needham named Coinbase as its top pick for 2024, a nod that underlines the company’s growing product portfolio, including its derivatives launch and expansion into international markets.
Coinbase secured approval from France’s AMF watchdog as a virtual asset service provider (VASP) in late December. Upon the implementation of the European Union’s Markets in Crypto Assets (MiCA) regulation, Coinbase will leverage the VASP license acquired in France to deliver services across the European Union, signaling a significant operational expansion for the company.
Investors are eagerly eyeing the potential approval of a spot Bitcoin ETF, while Bitcoin BTC/USD continues to soar to near 2-year highs, amplifying the overall excitement. Shares of crypto-related firms such as Coinbase have reaped the benefits of amplifying cryptocurrency interest, propelling Coinbase shares by more than 90% over the last six months.
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COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up 2.7% at $155.01 at the time of publication.
