The stock of Coinbase Global (COIN) rose 10% after JPMorgan upgraded the exchange’s stock to neutral. The bank’s expert sees potential for COIN, given its strong links to the sustained Bitcoin price momentum.

JPMorgan analyst Kenneth Worthington upgraded COIN to neutral from underweight as Bitcoin touches $52,400.

Worthington Flips Bullish Amid Bitcoin Momentum

Worthington said that the launch of Bitcoin exchange-traded funds (ETFs) has resulted in a meaningful price appreciation for the underlying Bitcoin asset instead of just being a sell-the-news event. The bullish price momentum improves the earning power of crypto companies like Coinbase. Earlier this month, crypto brokers Robinhood affirmed that customers preferred Bitcoin spot trading over ETFs, suggesting post-ETF revenue potential for spot trading.

Read more: Coinbase vs. Robinhood: Which Is the Best Crypto Platform?

“We are returning to a Neutral rating on Coinbase (COIN) as we see the higher cryptocurrency prices not only sustaining, but improving activity levels and Coinbase’s earnings power as we look to 1Q24,” Worthington said.

Earlier in the year, Worthington

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Author: David Thomas

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