Challenges stemming from weaker confidence in crypto are likely well understood by now, but they may not be the only risk to Coinbase's stock
Bank of America downgraded Coinbase Global Inc.’s stock last month amid concerns that the FTX collapse could weaken confidence in the world of cryptocurrency.
That challenge, raised by other analysts too, is likely well understood by now, but it may not be the only risk to Coinbase’s stock COIN . Mizuho analyst Dan Dolev went a different route in a downgrade of his own Friday, pondering whether investors were underestimating possible risk to Coinbase’s interest income stemming from a relationship with stablecoin issuer Circle.
While Dolev has “no grounds to believe that a renegotiation would occur,” he sees a few reasons why Circle might want to try to change the relationship. “We stress that this is purely a hypothesis on our part, based on observed trends in the industry,” he wrote. Mizuho’s Dolev commented that if the agreement were to be amended, it could have an “amplified adverse effect” on Coinbase’s profitability.
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