Share this article
Coinbase Has ‘Structural Advantage’ Over Competitors, Cowen Analyst Says
Stephen Glagola gave the crypto exchange an outperform rating and $85 price target.
Updated May 11, 2023, 4:19 p.m. Published May 26, 2022, 4:22 p.m.
Coinbase Global’s (COIN) security infrastructure and regulatory adherence give it a “structural advantage” over rival global crypto exchanges, Cowen equity research analyst Stephen Glagola said in a note to clients Thursday.
- Cowen initiated research coverage on Coinbase with an outperform rating and an $85 price target.
- The company's shares currently trade around $70 and have lost more than 70% in value this year as crypto and equity markets have weakened.
- The current structure of the exchange industry suggests the risk of competition driving fees lower in the near term is low because the platforms “also compete on security/trust of platform, access to assets, ease of use, customer support, and alternative products,” Glagola said in the note.
- Material fee compression is possible in the longer term as the industry matures, he said.
- Cowen estimates that Coinbase accounted for about 46% of U.S. regulated centralized exchange spot crypto volume as of 2021, up from 39% in 2020.
- Glagola said he expects the introduction of Coinbase's crypto derivatives in the U.S., assuming regulatory approval, to be a catalyst for growth along with the potential for “off-shore liquidity moving back to U.S.”
- Coinbase is the third-largest crypto exchange by volume worldwide, according to data from CoinMarketCap.
Read more: Coinbase Shares Plunge as Weak Earnings Prompt Near-Term Caution
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Plus pour vous
Ce qu'il:
- 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.
Plus pour vous
Pakistan, Binance Sign MOU to Explore Tokenization of $2B in State Assets: Reuters
The agreement comes as Pakistan accelerates the rollout of a formal crypto regulatory framework and explores blockchain-based distribution of government-owned assets.
Ce qu'il:
- Binance plans to tokenize up to $2 billion in bonds, treasury bills, and commodity reserves in Pakistan.
- The initiative is part of Pakistan's effort to use blockchain technology to attract foreign investment and enhance liquidity.
- Pakistan's regulatory actions align with global trends as countries like the UAE and Japan expand crypto exchange licensing rules.
Top Stories
