Goldman Sachs upgraded the rating of Coinbase shares

Goldman Sachs, following JPMorgan Chase, upgraded the rating of Coinbase shares. At the opening of the session, these securities are trading slightly below the minimum value in the bank's forecast.

Goldman Sachs upgraded the rating of Coinbase shares

Investment bank Goldman Sachs has upgraded the rating of shares of the Coinbase exchange to "neutral". This is reported by CoinDesk with reference to the counterparty's report.

In addition, the bank raised the minimum value of these securities from $170 to $282. The change in valuation at Goldman Sachs was explained by Coinbase's desire for more sustainable sources of profit and the general rise in prices in the crypto market.

"Although we are still recording limited cryptocurrency use cases, the "beta" of the price action significantly outweighs any "alpha" due to the lack of acceleration in retail adoption over time," the bank said in a report.

The organization's experts noted an increase in trading volume on the stock exchange. According to them, it is primarily due to the high activity of retail investors. Goldman Sachs estimated it at between $3 billion and $5 billion.

Earlier, the rating of Coinbase shares was raised by JPMorgan Chase bank. The counterparty lowered it immediately after the approval of spot bitcoin ETFs, stressing that the position had overheated.


Read More