Mizuho Says Bitcoin ETF Could Be Emerging As "Double Whammy" for Coinbase

StreetInsider02-06

In a note to clients Monday, Mizuho's Dan Dolev maintained an Underperform rating and $60 price target on Coinbase, questioning whether the Bitcoin ETF is emerging as a double whammy for the ...

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Dolev said that this moment appears to be nearing with the recent pricing changes at Coinbase.By Sam Boughedda","collect":0,"end_time":0,"defaultTopTitle":"streetinsider.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4112":"金融交易所和数据","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4551":"寇图资本持仓","BK4207":"综合性银行","BK4535":"淡马锡持仓","BK4585":"ETF&股票定投概念","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","BK4594":"比特币ETF概念","BK4550":"红杉资本持仓","BK4588":"碎股","COIN":"Coinbase Global, Inc.","BK4539":"次新股","BK4595":"比特币概念","BK4554":"元宇宙及AR概念"},"translate_title":"瑞穗表示，比特币交易所交易基金可能会成为比特币基地的“双重打击”","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COIN":1.1},"content_text":"In a note to clients Monday, Mizuho's Dan Dolev maintained an Underperform rating and $60 price target on Coinbase, questioning whether the Bitcoin ETF is emerging as a double whammy for the cryptocurrency exchange.Coinbase stock falls more than 9% on Monday.\"The big hope for Coinbase heading into 2024 was that more Bitcoin ETF AUM would drive increased spot trading,\" said Dolev.However, he explained that, in contrast, \"outflows from ETFs where Coinbase is the custodian exceed inflows (i.e. -$6bn outflows from GBTC since January 11th vs. +$4.9bn estimated inflows to other seven ETFs that Coinbase custodies).\"In addition, he noted that \"spot volumes on Coinbase have abated following the initial excitement surrounding the ETF launch (i.e. $1.9bn ADTV since January 13th vs. $2.5bn in the 30 days leading up to the launch).\"Due to the large discrepancy between retail trading fees and what Mizuho believes Coinbase earns for ETF custody, they expected the launch of the ETFs to put additional downward pressure on industry pricing. 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