Last year, the value of Coinbase Global Inc. shares experienced a significant increase, partly fueled by optimism surrounding the imminent launch of spot bitcoin ETFs. However, JPMorgan analyst Kenneth Worthington is expressing concerns that this positive sentiment may now flip to bearish. In fact, the potential for significant profits in the crypto industry resulting from recently introduced ETFs has been speculated to be a “mirage.”
Previously, JPMorgan had categorized COIN with a “neutral” rating but had predicted a price target of $80 by December 2024. The investment bank suggests that the listing of multiple spot Bitcoin ETFs could be a crucial factor affecting the industry, potentially leading to an overestimation of value and impacting stock prices.
JPMorgan Downgrades Coinbase
The analysts at JPMorgan downgraded Coinbase’s stock from a “neutral” to an “underweight” rating, citing the declining price of BTC and the introduction of spot Bitcoin ETFs.
Worthington
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