On Thursday, Coinbase shares soared 10% after BlackRock, the world's largest asset manager, announced a collaboration with crypto exchange Coinbase to give institutional investors with a new crypto entry point.
Earlier in the day, the stock was up almost 40%.
BlackRock's Aladdin will interface with Coinbase Prime via a strategic relationship to give institutional investors with direct, frictionless cryptocurrency access, beginning with Bitcoin (BTC).
Coinbase Prime is the institutional prime brokerage branch of cryptocurrency exchange Coinbase, integrating block financing, sophisticated agency trading, equity infrastructure, and reporting needed throughout the trade lifecycle.
Coinbase Prime will offer crypto trading, prime brokerage, reporting, and custody through the exchange to over 13,000 institutional clients.
The second-quarter profits of Coinbase Global (COIN) will be announced after the market closes on Tuesday afternoon. Sell-side experts anticipate a significant reduction in Coinbase trade volume from the $309 million recorded in the first quarter.
Needham analyst John Todaro has a Buy rating and a $89 price objective on COIN. The stock's current price of $93 seems a little excessive.
Trading volumes on exchanges have undoubtedly reduced since the onset of the crypto winter. However, other experts, such as DA Davidson's Chris Brendler, remain optimistic.
With a buy rating and a $90 price target, he believes the 'crypto winter' of 2022 will finally work to its favour, despite lower-than-consensus estimates for the second quarter and beyond.
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