Bank of America Upgraded Coinbase
🏦 Bank of America (BAC)
upgraded Coinbase (COIN) from underperform to neutral. This upgrade follows the positive dynamics of the crypto market, which led to an increase in market capitalization and trading volumes.
👀 Following this, Coinbase shares rose by 2.5% in pre-market trading, reaching around $204. Improved expense discipline and diversification at Coinbase are expected to increase earnings further.
✔️ However, there are risks related to regulatory issues (the ongoing lawsuit with the SEC) and potential competition from the Chicago Mercantile Exchange (CME) entering the
spot bitcoin trading market.
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