Crypto:
30351
Bitcoin:
$64.097
% 0.21
BTC Dominance:
%54.1
% 0.13
Market Cap:
$2.34 T
% 0.00
Fear & Greed:
53 / 100
Bitcoin:
$ 64.097
BTC Dominance:
% 54.1
Market Cap:
$2.34 T

Explosion in Coinbase Stock in 2024!

Coinbase

Coinbase stock value finally rallied, surpassing $250 for the first time in the last two years. In the past 12 months, Coinbase shares have gained value by more than 300%.

Coinbase (COIN) stock exhibited significant growth in the last few weeks and has now returned to its listing price, currently trading over $252. It reclaimed its initial trading price after noticing a 60% increase since the beginning of the year.

The stock first managed to exceed $250 on Mart 8, for the first time in two years. Prior to this, it had experienced a massive decline during the crypto winter, with shares falling below $33 in 2023. However, over the past year, Coinbase shares have seen an increase of more than 300%.

One of the significant factors in this rise is Bitcoin’s performance. Bitcoin, which hit record levels on Mart 8, saw $70,000 momentarily before stabilizing around $68,000. The rising interest from Bitcoin exchange-traded funds (ETFs) and expectations related to the upcoming halving of BTC also supports the crypto rally.

Coinbase Stock Explodes In 2024!
As of Mart 8, 2024, the performance of Coinbase shares since the beginning of the year. Source: Google Finance.

For instance, the BlackRock’s iShares Bitcoin Trust (IBIT) fund achieved $10 billion in managed assets, only seven weeks after its launch on Mart 1.

Coinbase gets a share of the profits from Bitcoin ETFs. The storage unit called Coinbase Custody collaborates with most asset managers who launched Bitcoin ETFs in January. The company expects these products to generate revenues between $25 million and $30 million. link

The crypto exchange showcased strong performance in the fourth quarter of 2023 in its last earnings report. Coinbase’s net revenue increased by 45.2% to reach $905 million, surpassing the consensus estimates of $825 million.

READ:  Coinbase Q1 Transaction Revenue Expected to Surge by 89% as Base Income Hits $20.5M Peak

JPMorgan analyst Kenneth Worthington, considered the positive effects of Bitcoin ETFs on crypto markets and revised his stock rating from overweight to neutral. Worthington set the target stock price at $80, significantly below the current trading price.

“With the recent heightened interest in Bitcoin ETFs and the significant price increases of Bitcoin and currently Ethereum, we expect Coinbase to maintain its activity levels and increase its earnings potential heading into the 1st quarter of 2024, returning to our neutral assessment for Coinbase”, he stated in a piece written on February 15.


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