HomeMarketsIndicesSpot Bitcoin ETF Approval Is Not Good News For Coinbase (COIN)

Spot Bitcoin ETF Approval Is Not Good News For Coinbase (COIN)

Approved Spot Bitcoin ETFs begin trading. Mizuho reiterates its underperform rating on Coinbase (COIN) with a $54 price target. The analyst notes that the potential upside to revenue from Bitcoin ETFs may be more muted than thought. They see 1%-2% benefit from custody fees and 5%-10% total benefit if ETFs drive Spot Bitcoin trading. The analyst mentions that the deeper cannibalization of high-margin Spot Bitcoin trading could offset future benefits. Renita Young weighs in on this story. Tune in to find out more about the stock market today.

Morning Trade Live

11 Jan 2024

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