5 hours ago
The caller hack of crypto speech Bybit highlights the worth of self-custody wallets, broker Benchmark said successful a Wednesday study initiating sum of Exodus Movement (EXOD).
The broker started sum of the crypto wallet steadfast with a bargain standing and a $38 terms target. The shares roseate 5.7% to $25.89 successful aboriginal trading.
The Nebraska-based institution has the "right merchandise astatine the close time," wrote expert Mark Palmer.
The request for self-custody was underscored successful caller weeks, erstwhile crypto speech Bybit was the taxable of a hack of 400,000 ether (ETH), worthy astir $1.5 billion.
Exodus Movement has mislaid much than 60% of its marketplace headdress successful the past 5 weeks, Benchmark noted, giving a compelling introduction constituent for investors looking for vulnerability to a institution with "strong operating momentum, the demonstrated quality to standard rapidly, and a tailwind from the accommodative stance toward the crypto abstraction successful the U.S.," the study said.
The caller weakness is not linked to concerns astir the firm's operating performance, the study noted, arsenic the institution posted strong fourth-quarter results earlier this month.
Exodus Movement gets astir of its gross from its speech aggregation feature, Benchmark said, and its "wallet-as-a-service" concern leverages this exertion successful its crypto swap engine, which is integrated with platforms specified arsenic Ledger and Magic Eden.
The banal began trading connected the NYSE American, the New York Stock Exchange's sibling market, successful December past year.
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