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Citi, a financial services multinational firm, has stated that it is highly bullish about Coinbase’s stock price. An analyst with Citi, Peter Christiansen, urged investors to purchase ‘crypto’s general store.”
According to the analyst, the Coinbase stock had the potential to reach $415. By the market’s close on Wednesday, the stock was trading at around $319. The analyst further stated that investors should look into investing in Coinbase stocks because they give exposure to cryptocurrencies.
Sees Potential in Coinbase
Christiansen also stated that Coinbase stock was a good investment because of the Company’s “position within the crypto value chain, a networking-based business model and strategy, the undeniably very large opportunity set… yes, we believe COIN is investable.”
Citi further noted that there was much potential with the company stock. The multinational financial institution stated that Coinbase was investing in diversification to push beyond the crypto space and venture into other areas such as crypto wallets and non-fungible tokens.
Coinbase recently unveiled its NFT platform, with the waitlist surpassing one million a few days after the announcement. Christiansen further stated that Coinbase had a competitive advantage because it had succeeded by complying with the set regulations, unlike other crypto firms that rely on the sector being highly unregulated.
The analyst added that Coinbase’s stock could continue making gains as cryptocurrency adoption was picking up. Speculations about Coinbase’s stocks rising in value have also been shared by an investment banker, Piper Sandler and equity analyst Lisa Ellis, with the latter stating that the stock could reach $600. CBDC host Jim Cramer has also recommended the stock.
Coinbase’s Stock
Coinbase became a public company in April this year, with its stock reaching $381 during the IPO. Before the end of closing, the stock had surged to $430 before making slight dips. This week, the stock reached a monthly high of $326, but it has since shed some of these gains.
After Coinbase was listed, the firm made nearly $1.6 billion in profits during the second quarter. The largest portion of these profits came from trading fees.
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