Is Coinbase A Buy As Cathie Wood sold USD 6.4 million worth of Coinbase shares?
@koolgal：
🌟🌟🌟Cathie Wood sold USD 6.4 million worth of Coinbase shares on Thursday. Yet on the same day, Oppenheimer raised$Coinbase Global, Inc.(COIN)$ target price to USD 276, up from previous Target price of USD 200. Coinbase's share price has dropped 3.4% today and in the past 5 days, it is now down almost 8%. However Coinbase is up 53% year todate and in 2023, it has jumped a massive 292%. Coinbase has just announced that it can legally operate in Canada after registering in Ontario under the Canadian Securities Administrators. Coinbase said that it is the first and largest international crypto exchange to receive a restricted dealer registration in the country. This is part of Coinbase international expansion strategy to "Go Broad Go Deep". Coinbase is now the dominant custodian of Spot Bitcoin ETFs with 8 out of 11 ETF providers using Coinbase services as the primary custodian. A Crypto Custodian is a certified company that holds the digital assets of companies or individuals on their behalf. It comes with safe storage, financial services and advanced security features to protect digital assets against theft, errors and disasters. Apart from custodian fees, Coinbase also generates revenue through transaction fees, subscription and service fees, staking rewards and other value added services. In Q423 earnings report, Coinbase's net revenue reached USD 905 million, up a huge 45% from Q323, surpassing expectations of USD 825 million. Coinbase also swung to profit in Q423 reaching a net income of USD 273 million, the first positive quarter since Q421. In Q323 Coinbase posted a net loss of USD 2 million. With the Bitcoin Halving Event in April, it is anticipated that Bitcoin will jump. Bitcoin is currently trading at USD 68,060, down from its all time high of USD 73,750 in March 2024. The fortune of Coinbase is very much tied to Bitcoin. Since the commencement of Spot Bitcoin ETFs Bitcoin has been trending upwards but traders could be taking profits at the moment. This could also be due to the latest March Jobs Report that showed the US economy added 303,000 positions and the unemployment rate fell to 3.8% which was released today. Nonetheless Wall Street Analysts are bullish on Coinbase with a Buy Rating, Target price of USD 300, an upside potential of 25%. I am bullish on Coinbase too and believe it is a good time to buy on weakness to hold long term as it has lots of upside potential. The All Time High Coinbase share price was USD 357.39 on November 9 2021. Coinbase 52 week high was USD 283.48. Coinbase is the largest Cryptocurrency Exchange platform in the US and one of the largest in the world. This has given Coinbase a wide moat in terms of its leadership in this sector as well as its pole position as a custodian for Bitcoin. Once the SEC has approved Spot Ethereum ETF, Coinbase's share price may increase further. It is exciting times ahead for both Coinbase and Bitcoin. @Daily_Discussion @TigerStars @MillionaireTiger @Tiger_comments @CaptainTiger @TigerClub @Tiger_SG
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