Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Cantor Fitzgerald reaffirmed its Overweight rating and $292.00 price target on Coinbase Global Inc. (NASDAQ:COIN) following the company’s State of Crypto event. The target sits within the broader analyst range of $170-$400, with the stock currently trading at $241.05. According to InvestingPro analysis, the stock appears overvalued at current levels.
The research firm emphasized its view that investors should reconsider Coinbase not merely as a cyclical cryptocurrency exchange but as a "mission-critical infrastructure layer of crypto," a perspective reinforced by Thursday’s product announcements. With a market capitalization of $61.4 billion and impressive revenue growth of 76.45% over the last twelve months, the company has demonstrated significant scale.
Coinbase unveiled several new offerings including a payments protocol that Shopify (NASDAQ:SHOP) will implement, a USDC-powered payments product, a treasury management solution for businesses, and a bitcoin rewards card called Coinbase One Card. InvestingPro data shows the company maintains strong financial health with a current ratio of 2.52, indicating robust liquidity to support these expansions. Unlock 10+ additional exclusive insights and detailed analysis with InvestingPro’s comprehensive research report.
On the trading front, Coinbase plans to integrate all decentralized exchanges on Base into its main app, allowing users to trade virtually any on-chain asset in one location, and will soon offer CFTC-compliant U.S. perpetual futures.
The company also announced it will integrate Deribit with Coinbase Prime, though Cantor Fitzgerald noted concerns about potential interface changes, stating that Deribit’s current interface is "materially better than anything else out there, based on our conversations with users."
In other recent news, Coinbase Global Inc. has been in the spotlight due to several key developments. The company recently held its State of Crypto Summit, where it announced a range of new products, including a new Coinbase One subscription tier and a card offering up to 4% bitcoin back on purchases. Additionally, Coinbase is expanding its business platform and integrating decentralized finance applications into its app. Barclays (LON:BARC) and JPMorgan have maintained their ratings on Coinbase, with Barclays keeping an Equalweight rating and a $202 price target, while JPMorgan has a Neutral rating with a $215 price target. William Blair initiated coverage on Coinbase with an Outperform rating, expressing optimism about the company’s potential in the evolving cryptocurrency market.
Furthermore, David Plouffe, a senior adviser to Kamala Harris’ 2024 presidential campaign, has joined Coinbase’s global advisory council, enhancing the company’s political connections amid advancing cryptocurrency legislation in Congress. The advisory council already includes notable figures such as Chris LaCivita and former U.S. Senator Kyrsten Sinema. Additionally, Coinbase’s stock saw positive movement following Circle Internet Group’s successful IPO, which highlighted investor confidence in the cryptocurrency sector. These developments reflect Coinbase’s strategic positioning in both the financial and political arenas as it continues to expand its offerings and influence.
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