FDIG - Coinbase's Diverse Growth Path From Trading Volumes to Blockchain Innovations: Analyst | Benzinga
JMP analyst Devin Ryan maintained a Market Outperform rating on Coinbase Global, Inc (NASDAQ:COIN) with a $300 price target.
The analyst has identified the firm since its inception report on Coinbase in 2021 as having potential beyond merely a cryptocurrency exchange.
He said that significant growth opportunities within the exchange business are likely as the market matures, with rising prices generally correlating positively with activity.
Notably, Coinbase’s spot-trading volumes in the first quarter of 2024 have seen an approximate 106% increase over the fourth quarter of 2023 and a 108% increase over the first quarter of 2023.
Its derivatives platform has also shown rapid growth, with daily volumes in the current quarter reaching $689 million, a significant jump from $178 million in the previous quarter.
Beyond exchange trading and custody services, Coinbase is seen as playing a vital role in the ...