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Coinbase Likely to Top Q3 Trading, Revenue Estimates on Bitcoin Volatility: Oppenheimer
There is an 18% potential upside to trading volume and an 11% upside to total revenue estimates, an analyst wrote Tuesday night.
Автор Josh Fineman
Coinbase (Nasdaq: COIN) is likely to top consensus estimates for trading volume and total revenue for the third quarter due to recent volatility in the price of bitcoin, according to Oppenheimer analyst Owen Lau.
- Lau estimates there is an 18% potential upside to trading volume and an 11% upside to total revenue estimates, citing the exchange’s “substantially” improved trading volume in the second half of the third quarter.
- Coinbase shares had a “rough” September with the stock down 12.2% versus the S&P 500′s 4.8% dip – likely hurt by increased regulatory scrutiny, the retreat of bitcoin, the company’s move to preemptively end its Lend product, its $2 billion debt raise and macro risks associated with Evergrande in China.
- “With all the news driving volatility, trading volume has substantially improved in late August and September,” Lau wrote in a note.
- Lau, who has an outperform rating on the shares and a $444 price target, estimates that Coinbase has $6.5 billion in cash as of the third quarter that can be potentially used for new product development, M&A, diversification and increased balance sheet investment in crypto.
- Late last month, JMP Securities was also bullish on Coinbase shares, putting a $300 price target and market outperform rating on the shares.
- COIN shares are currently trading at around $250.
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Read more: Coinbase Shares Have Potential for Almost 30% Upside, Analyst Says
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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