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Coinbase Will Be ‘Meaningful’ Beneficiary of Ethereum Merge, JPMorgan Says
Coinbase's staking offering will drive revenue for the crypto exchange, JPMorgan's equity analyst said.
Updated May 11, 2023, 4:24 p.m. Published Aug 17, 2022, 2:50 p.m.
Crypto exchange Coinbase (COIN) is positioned to benefit from the Ethereum Merge as institutional and retail clients get value from staking ether , JPMorgan analyst Kenneth Worthington told clients in a note.
JPMorgan estimates that Coinbase has a 15% market share in ETH assets, which trumps its 7% share of the overall crypto ecosystem. Worthington says Coinbase’s market share is probably tilted toward institutions, which are more likely to own ETH and bitcoin , whereas retail customers may “traffic more in the more speculative tokens.”
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The bank further estimates that Coinbase can generate an incremental annual staking revenue of $650 million from the Merge, with ETH at $2,000 and a 5% yield. The exchange began offering Ethereum staking for institutional clients earlier this month.
“Coinbase is bigger in [ether] than was intuitive to us, thus leading directly to a bigger revenue opportunity,” the bank wrote. JPMorgan has a neutral rating and $64 price target on Coinbase shares, which closed Tuesday at $90.39.
Read more: Crypto Derivatives Traders Bet on Ether Staking Yields Doubling to 8% Post-Merge
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