Coinbase Achieves 66% Domestic Market Share According to Benchmark Report
Coinbase (COIN) has a domestic market share of approximately 66%, according to a report by Benchmark. The broker initiated coverage with a buy rating and set a price target of $252. Shares increased over 4% to around $198 in early trading.
Key points from the report include:
- Coinbase offers a comprehensive suite of products for retail and institutional investors.
- The stock price has nearly halved since December, failing to reflect potential improvements in the crypto environment.
- Regulatory clarity in the U.S., especially regarding stablecoins, could positively impact Coinbase.
- A House committee is advancing a stablecoin regulation bill, indicating closer regulatory frameworks.
- Enactment of digital assets legislation may lead to increased demand from institutional investors.
- Coinbase's valuation may benefit from its growing non-trading subscription and services offerings.