BTIG Reaffirms 'Buy' Rating on Coinbase Despite Volatility

BTIG has reaffirmed its 'Buy' rating on Coinbase shares, despite the stock's decline of 47.5% over the past year due to crypto market volatility. The current price is $172.11, down from $191.45 at its previous close.

The firm's analysts hosted a meeting with Brett Tejpaul, Co-CEO of Coinbase Institutional, to discuss the company's institutional business, which accounts for around 20% of revenue. Total revenue over the last twelve months was $6.04 billion, resulting in a negative EPS of $3.73.

Tejpaul described the development of the institutional business as occurring through three phases: building a core platform, extending infrastructure into payments and stablecoins, and eventually expanding into tokenized assets and continuous markets.