Coinbase Has ‘Structural Advantage’ Over Competitors, Cowen Analyst Says

• Cowen initiated probe sum connected Coinbase with an outperform standing and an $85 terms target.

• The company's shares presently commercialized astir $70 and person mislaid much than 70% successful worth this twelvemonth arsenic crypto and equity markets person weakened.

• The existent operation of the speech manufacture suggests the hazard of contention driving fees little successful the adjacent word is debased due to the fact that the platforms “also vie connected security/trust of platform, entree to assets, easiness of use, lawsuit support, and alternate products,” Glagola said successful the note.

• Material interest compression is imaginable successful the longer word arsenic the manufacture matures, helium said.

• Cowen estimates that Coinbase accounted for astir 46% of U.S. regulated centralized speech spot crypto measurement arsenic of 2021, up from 39% successful 2020.

• Glagola said helium expects the instauration of Coinbase's crypto derivatives successful the U.S., assuming regulatory approval, to beryllium a catalyst for maturation on with the imaginable for “off-shore liquidity moving backmost to U.S.”

• Coinbase is the third-largest crypto speech by measurement worldwide, according to data from CoinMarketCap.

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