Berenberg Capital Markets' Mark Palmer cautions investors to curb their enthusiasm around Coinbase's stock COIN.
Coinbase’s stock has been on tear since BlackRock announced it is entering the race to launch a spot bitcoin ETF.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Coinbase's stock price has been on a tear since BlackRock's surprise spot bitcoin ETF filing, but the enthusiasm underpinning the rally may be short lived, according to one analyst who covers the company.
Still, Berenberg Capital Markets' Mark Palmer said in a note to clients that the enthusiasm around COIN"may prove short-lived."COIN In Palmer's view, the downside risk of staking revenue losses is larger than the upside of Coinbase's partnership with BlackRock.
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