Share this article
BofA Upgrades Coinbase to Buy, Sees Revenue Diversification Beyond Retail Crypto Trading
The bank says that the increase in other revenue streams could lead to increased buying interest from institutional investors.
By Will Canny
Updated May 11, 2023, 5:52 p.m. Published Jan 6, 2022, 1:48 p.m.
Bank of America upgraded its rating on Coinbase shares to buy from neutral and left is price target unchanged at $340.
- Bank of America, in a note on Thursday, cited increasing signs of revenue diversification beyond just retail crypto trading, a trend that it thinks will accelerate this year.
- The bank forecasts subscription and services revenue will increase to 16% of Coinbase’s total revenue in 2023 from 12% in the third quarter of 2021.
- The trend will be driven by a combination of offerings such as staking, earn campaign, Coinbase’s non-fungible token platform and decentralized finance products such as DeFi yield, the report said.
- Scaling of these non-trading revenue streams could also lead to increased interest in the stock from institutional investors, Bank of America noted.
- Uncertainty around regulation remains a potential risk, but Coinbase’s “technology/innovation and brand are positive differentiators,” the report added. The bank also sees potential upside to the company’s fourth-quarter guidance.
- Coinbase shares rose 1% in pre-market trading on Thursday.
Read more: Coinbase Offers Access to DeFi Yields With DAI and Compound
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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
VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
Top Stories
