Share this article
Coinbase Upgraded to Neutral From Underperform at Bank of America on Positive Crypto Market Dynamics
The current macro backdrop has been positive for crypto market cap growth and trading volumes, the report said.
Updated May 17, 2024, 1:08 p.m. Published May 17, 2024, 1:06 p.m.
- Bank of America raised Coinbase to neutral from underperform and boosted its price target to $217 from $110.
- The current macro backdrop has been positive for crypto market cap growth and trading volumes, the report said.
- The bank said risks include the exchange’s continued dependence on transaction revenue and the company’s ongoing lawsuit with the SEC.
Coinbase (COIN) shares rose 2.5% in pre-market trading on Friday after Wall Street giant Bank of America (BAC) upgraded the shares to neutral from underperform.
The investment bank raised its Coinbase price target to $217 from $110. The stock was trading around $204 at publication time.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bank of America said it was upgrading the stock for a number of reasons, including the positive macro backdrop that has helped the cryptocurrency markets and trading volumes, analysts led by Mark McLaughlin wrote. The note also said the exchange's expense discipline and increased diversification should also help its earnings.
However, the analysts noted that there are potential risks that could limit the the stock’s upside, including the exchange’s continued dependence on transaction revenue for profitability and the regulatory overhang linked to the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).
The shares fell over 9% yesterday following a report that the Chicago Mercantile Exchange (CME) might soon offer spot bitcoin trading, which could become a potential competitor to exchanges such as Coinbase.
Read more:Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
From Wall Street to the World Cup: How Football Became Crypto’s Biggest Gateway Drug
As institutions are laying the groundwork for wider crypto adoption from the top down, it’s being met by rising interest from football fans from the ground up.
Top Stories
