Goldman Sachs has upgraded its rating on Coinbase from sell to neutral, setting a new price target of $282 for the stock.

The adjustment was announced on Thursday and marks a shift in Goldman Sachs’ view on Coinbase, influenced by recent bullish trends in the cryptocurrency market.

Blockchain analysis firm Kaiko reported that Coinbase’s market share in the U.S. has increased 13% following the SEC’s approval of 11 new spot Bitcoin ETFs in January.

The increase in Coinbase’s stock rating is aligned with a surge in cryptocurrency prices and a significant rise in daily trading volumes on Coinbase. The platform witnessed nearly $5 billion in trading volume on Jan. 11, the day the Bitcoin ETFs started trading, surpassing its 2023 volume and nearing the volume on the day FTX filed for bankruptcy in November 2022.

On March 6, Coinbase achieved a record volume of approximately $12 billion despite experiencing technical difficulties during high-volatility periods.

Following these developments, Goldman Sachs has raised its revenue forecast for Coinbase by 48%. In mid-February, Coinbase reported a profit of $273.4 million for a quarter, a substantial improvement over a $557 million loss in the same quarter the previous year. This was a significant turnaround fr

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Author: Bralon Hill

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