Coinbase (COIN) – A Crypto Powerhouse?
Coinbase (COIN) is making moves in the crypto world. They’ve just landed a deal with the U.S. Marshals Service to provide custody and trading for their digital assets, worth a cool $32.5 million. The U.S. government is a major player in the crypto game, holding over $13.8 billion in cryptocurrency, according to Arkham Intelligence.
Coinbase is a big name in the U.S., and their platform holds over 12% of the entire crypto market cap. They’re providing the infrastructure and tech for the crypto economy, both in the U.S. and globally.
Coinbase’s Growth and Performance
Coinbase is riding the wave of increased volatility in the crypto market. Even though the market hasn’t reached its all-time high, it’s still experiencing a lot of movement. The launch of Bitcoin ETFs has definitely contributed to this. Coinbase is expecting strong growth in their subscription and services revenue, projected to be between $525 million and $600 million.
Shares of COIN have gained 28.3% year-to-date, outperforming the industry, finance sector, and the S&P 500.
Analysts are bullish on Coinbase, with their earnings estimates for 2024 and 2025 moving upwards.
Coinbase’s Future
Coinbase is expanding globally, focusing on countries like Canada, where they’re now registered as a Restricted Dealer. They’re also investing in their platform, like Base, which is designed to improve the Ethereum network by making it faster and more affordable.
Coinbase is in a prime position to capitalize on the growing crypto market. They’re focused on innovation, cost management, and growing their market share. It’s definitely a stock to keep an eye on.
