Coinbase threatened by bitcoin ETFs after almost 400% surge in stock last year
Publishing timestamp: 2024-01-10 21:53:16
Summary
Coinbase is set to become the custody partner for asset managers launching bitcoin exchange-traded funds (ETFs). While this presents a big growth opportunity for Coinbase in the near term, some analysts are concerned that the company's core transaction business is at risk as investors will be able to access bitcoin through ETFs instead of using exchanges like Coinbase. The approval of ETFs is expected to bring more interest and credibility to the crypto market, but there are doubts about the actual revenue impact on Coinbase. The article discusses the potential impact on Coinbase's stock and revenue, as well as the company's efforts to diversify its revenue streams.
Sentiment: MIXED
Tickers: COIN, BLK, BTC.CM=, HOOD,
Keywords: energy, cryptocurrency, robinhood markets inc, bitcoin, technology, business news, blackrock inc, fintech, breaking news: technology, coinbase global inc, bitcoin/usd coin metrics,