{"id":54786,"date":"2023-08-30T08:26:40","date_gmt":"2023-08-30T12:26:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/coinbase-stock-soars-on-bitcoin-etf-win-analyst-says-it-should-drop-instead\/"},"modified":"2023-08-30T08:26:43","modified_gmt":"2023-08-30T12:26:43","slug":"coinbase-stock-soars-on-bitcoin-etf-win-analyst-says-it-should-drop-instead","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54786","title":{"rendered":"Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000731388\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>The odds that fund companies will be able to offer exchange-traded funds tracking the spot price of<br \/>\n        Bitcoin<br \/>\n       improved on Tuesday, boosting crypto-related stocks. But<br \/>\n        Mizuho<br \/>\n       analysts anticipate increased challenges for Coinbase Global. <\/p>\n<p>A federal court ruled in favor of Grayscale Investments on Tuesday in a case against the Securities and Exchange Commission alleging that the regulator acted arbitrarily when it denied the crypto asset manager\u2019s attempts to convert its\u00a0Grayscale Bitcoin Trust\u00a0(ticker: GBTC) into an ETF. <\/p>\n<div class=\"paywall\">\n<p>The SEC has already approved ETFs that track Bitcoin futures,<strong>\u00a0<\/strong>but it has opposed spot Bitcoin ETFs. The launch of such funds\u2014other companies have applied to offer them as well\u2014would make Bitcoin more standardized and accessible as a financial product in the U.S. <\/p>\n<p>\n        Coinbase<br \/>\n       (ticker: COIN) surged after the news, with shares up 15% at $84.85 each on Tuesday afternoon. But for Coinbase, a spot-based Bitcoin ETF wouldn\u2019t be much of a benefit, Mizuho\u2019s Dan Dolev and his team said in a research note after the ruling. He has an Underperform rating on the stock with a $27 target for price.<\/p>\n<p>\u201cWe believe a Bitcoin ETF could increase competition and put pricing pressure on retail take rates,\u201d he wrote.<\/p>\n<p>Retail take rates refer to the fees Coinbase receives on transactions. According to Dolev, it charged consumers 1.68% in the first quarter, compared with 1.54% in the prior quarter.<strong>\u00a0<\/strong>His concern is that Bitcoin ETFs would offer investors a new way to invest in cryptocurrencies, putting pressure on the exchange\u2019s fees.<strong>\u00a0<\/strong><\/p>\n<p>Coinbase doesn\u2019t detail its take rates. While the company didn\u2019t respond to a question on potential decline in take rates, Coinbase said in an emailed statement to <em>Barron\u2019s <\/em>and other<em>\u00a0<\/em>media outlets that the Greyscale decision is \u201can important step toward the clarity the industry needs.\u201d <\/p>\n<p>The stock\u2019s outsize move on Tuesday suggests that Coinbase\u2019s investors may not be considering the risk.<\/p>\n<p>Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/coinbase-stock-sec-grayscale-bitcoin-etf-1c252514?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The odds that fund companies will be able to offer exchange-traded funds tracking the spot price of Bitcoin improved on Tuesday, boosting crypto-related stocks. But Mizuho analysts anticipate increased challenges for Coinbase Global. A federal court ruled in favor of Grayscale Investments on Tuesday in a case against the Securities and Exchange Commission alleging that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-54786","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The odds that fund companies will be able to offer exchange-traded funds tracking the spot price of Bitcoin improved on Tuesday, boosting crypto-related\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=54786\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead. | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"The odds that fund companies will be able to offer exchange-traded funds tracking the spot price of Bitcoin improved on Tuesday, boosting crypto-related\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=54786\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-30T12:26:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-30T12:26:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/1693398401_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=54786#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=54786\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead.\",\"datePublished\":\"2023-08-30T12:26:40+00:00\",\"dateModified\":\"2023-08-30T12:26:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=54786\"},\"wordCount\":344,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=54786#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=54786\",\"url\":\"https:\/\/ifintechworld.com\/?p=54786\",\"name\":\"Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead. | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-30T12:26:40+00:00\",\"dateModified\":\"2023-08-30T12:26:43+00:00\",\"description\":\"The odds that fund companies will be able to offer exchange-traded funds tracking the spot price of Bitcoin improved on Tuesday, boosting crypto-related\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=54786#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=54786\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=54786#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead. | iFintechWorld","description":"The odds that fund companies will be able to offer exchange-traded funds tracking the spot price of Bitcoin improved on Tuesday, boosting crypto-related","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=54786","og_locale":"en_US","og_type":"article","og_title":"Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead. | iFintechWorld","og_description":"The odds that fund companies will be able to offer exchange-traded funds tracking the spot price of Bitcoin improved on Tuesday, boosting crypto-related","og_url":"https:\/\/ifintechworld.com\/?p=54786","og_site_name":"iFintechWorld","article_published_time":"2023-08-30T12:26:40+00:00","article_modified_time":"2023-08-30T12:26:43+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/1693398401_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=54786#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=54786"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead.","datePublished":"2023-08-30T12:26:40+00:00","dateModified":"2023-08-30T12:26:43+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=54786"},"wordCount":344,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=54786#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=54786","url":"https:\/\/ifintechworld.com\/?p=54786","name":"Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead. | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-30T12:26:40+00:00","dateModified":"2023-08-30T12:26:43+00:00","description":"The odds that fund companies will be able to offer exchange-traded funds tracking the spot price of Bitcoin improved on Tuesday, boosting crypto-related","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=54786#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=54786"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=54786#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Coinbase Stock Soars on Bitcoin ETF Win. Analyst Says It Should Drop Instead."}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/54786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54786"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/54786\/revisions"}],"predecessor-version":[{"id":54788,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/54786\/revisions\/54788"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/54787"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}