Coinbase Is a Buy as Biggest Beneficiary of Crypto Boom: Daiwa
2022.04.22 21:46
By Sam Boughedda
Investing.com — Coinbase Global Inc (NASDAQ:COIN) stock fell 3% on Friday despite Daiwa analyst Carlton Lai starting coverage with a buy rating and $230 price target.
The analyst’s note to investors was quoted by The Fly website. It notes the company managed $278 billion of assets on its platform, including $268 billion in crypto assets, making it the largest fiat-crypto exchange in the world based on trading volume.
Lai added that if crypto-only exchanges were included, Coinbase would be in the top three exchanges in the world.
Coinbase has an 11.5% share of the crypto universe, according to Lai, and is the “biggest beneficiary of the boom in the crypto industry.”
The analyst sees Coinbase moving from a crypto trading intermediary to a technology enabler over the long term as it is backed by competitive edges and has institutional-grade security regulatory compliance and value-added services.
