Coinbase, the US-based Bitcoin (BTC) and cryptocurrency exchange, has carried out an ambitious update aimed at positioning itself as a comprehensive financial application.
Despite the introduction of the new service, the stock market’s reaction has been lukewarm, and selling pressure on the company’s stock continues.
evolution of prices Reflects a temporary disconnect between a company’s progress and investors’ immediate confidence In the current environment.
The update, announced on Dec. 17, gives users access to hundreds of stocks and exchange-traded funds (ETFs) without charging fees for each action. An integration that allows investors to manage their crypto and stock portfolios. At the same time, it eliminates the friction of external transfers, as reported by CriptoNoticias.
Additionally, Coinbase has added prediction markets that operate based on the outcome of economic and political events, diversifying its revenue sources beyond trading Bitcoin and other digital assets.
Despite these announcements, Coinbase (COIN) stock has fallen 8% over the past month.. Yesterday, the price of COIN ended at $239. This represents a 46% drop from the all-time high of $443 reached in July of this year, as seen in the graph.
Nevertheless, This decline could present an opportunity for long-term investors to enter.. Financial institution Deutsche Bank has recommended the stock as a buy with a price target of $340, suggesting a potential upside of 42% from the current market price. This is under the argument that expansion into new financial products will boost stock prices.
Based on this perspective, the company is well-positioned for a recovery in the crypto market, with revenue growth likely to outpace operating expenses by 2026.
