The stock was trading down 1.98% at $78.35 per share at close, following a downgrade by Piper Sandler.
Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Coinbase shares ended Wednesday lower by nearly 2%, despite a more bullish start to the week that was kicked off with headlines the exchange is partnering with several asset managers on new spot bitcoin exchange-traded funds awaiting approval from the U.S. Securities and Exchange Commission.
The stock was trading down 1.98% to $78.35 per share at close, dragged down by a new downgrade from analysts at Piper Sandler. It has appreciated 133% since the beginning of the year.The exchange, which has pared losses since the SEC announced a lawsuit against the firm, still faces"too much uncertainty to prudently project revenues in future years," according to analyst Patrick Moley. Piper Sandler previously had an overweight position for the stock.
Still, a wide-range of issuers, including asset management giant Fidelity, have identified Coinbase has a partner in their plans to launch a spot bitcoin ETF. BlackRock, which filed its spot bitcoin ETF on June 15, has picked the exchange as its custodian. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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