Ibahagi ang artikulong ito
Investor Enthusiasm for Coinbase Shares May Prove Short-Lived: Berenberg
The crypto exchange is faced with several risks that could trigger a reversal of the stock’s recent gains, the report said.
Hun 30, 2023, 11:21 a.m. Isinalin ng AI
Make us preferred on Google
Coinbase (COIN) shares have jumped more than 30% since June 15 following news that Blackrock (BLK) filed an application for a spot bitcoin exchange-traded-fund (ETF), outpacing the 20% gain in the bitcoin price over the same period, investment bank Berenberg said in a research report Thursday.
“We believe the surge in Coinbase’s share price was driven not only by the positive change in sentiment toward bitcoin and cryptocurrencies resulting from the prospect of the world’s largest asset manager playing a prominent role in the space, but also by the fact that the company was designated as the provider of custody for the fund,” analysts led by Mark Palmer wrote.
STORY CONTINUES BELOW
Huwag palampasin ang isa pang kuwento.Mag-subscribe sa Crypto Daybook Americas Newsletter ngayon. Tingnan lahat ng newsletter
However, investors looking at the crypto exchange's shares as a play on increasing institutional adoption of digital assets should first consider the risks the company is facing that could trigger a reversal of the stock’s recent gains, the report said.
The U.S. Securities and Exchange Commission (SEC) said it was suing Coinbase earlier this month, accusing it of violating federal securities law. The same day, a task force of 10 U.S. state regulators said it was coming after the firm, alleging it violated state securities laws by offering its staking program to residents.
Berenberg notes that the potential cease and desist orders on Coinbase’s staking rewards program are looming. The deadline is July 4, and the bank says it is highly unlikely Coinbase will be able to convince the states that their concerns are misplaced. Staking represented 9.5% of Coinbase’s net revenue in first-quarter 2023.
The downside from the loss of potential revenue from the staking rewards program is much larger than the potential upside from the firm’s role as custody provider for Blackrock’s planned spot bitcoin ETF, the note said.
The SEC could still target the USD Coin (USDC) stablecoin as an unregistered security, which would “jeopardize the significant amount of revenue that Coinbase generates from its portion of the interest income earned on the assets backing the stablecoin,” the report added.
The bank has a hold rating on the stock with a $39 price target. The shares closed at $72.43 on Thursday.
Read more: Coinbase Shares Are ‘Uninvestable’ in the Near Term: Berenberg
Higit pang Para sa Iyo
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Ano ang dapat malaman:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Higit pang Para sa Iyo
Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
Ano ang dapat malaman:
- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
- On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level.
- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
Top Stories
