Coinbase Is a Buy as Biggest Beneficiary of Crypto Boom: Daiwa

By Sam Boughedda

Investing.com — Coinbase Global Inc (NASDAQ:COIN) stock fell 3% on Friday despite Daiwa analyst Carlton Lai starting coverage with a buy rating and $230 price target.

The analyst’s note to investors was quoted by The Fly website. It notes the company managed $278 billion of assets on its platform, including $268 billion in crypto assets, making it the largest fiat-crypto exchange in the world based on trading volume.

Lai added that if crypto-only exchanges were included, Coinbase would be in the top three exchanges in the world.

Coinbase has an 11.5% share of the crypto universe, according to Lai, and is the “biggest beneficiary of the boom in the crypto industry.”

The analyst sees Coinbase moving from a crypto trading intermediary to a technology enabler over the long term as it is backed by competitive edges and has institutional-grade security regulatory compliance and value-added services.

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