Benzinga - Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher Monday amid strength in the price of Bitcoin (CRYPTO: BTC). Here’s a look at what’s going on.
What To Know:
Coinbase shares have fallen through much of January after the approval of several spot Bitcoin ETFs became a “sell the news” event, and the price of Bitcoin fell. However, Bitcoin has gained more than 8% over the past five days and is trading above $43,000 on Monday. Several crypto-related stocks, including Coinbase, are moving higher with Bitcoin.
On Friday, Oppenheimer analyst Owen Lau upgraded Coinbase from Perform to Outperform and maintained the price target of $160. The analyst noted the ongoing litigation involving Coinbase and the SEC and predicted that Coinbase emerge favorably from this dispute, either by prevailing in the lawsuit or a dismissal by the court.
Oppenheimer also sees the recent approvals of spot Bitcoin ETFs as positive for Coinbase noting that it expects Coinbase will retain its customer base due to its diverse offerings and absence of an expense ratio.
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COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up 5.47% at $132.04 at the time of publication.
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