Investment bank Berenberg says the downside from coinbase’s loss of potential revenue from its staking rewards program is much larger than the potential upside from its role as custody provider for BlackRock’s planned spot BTC ETF. willcanny99 reports.
Berenberg notes that the potential cease and desist orders on Coinbase’s staking rewards program are looming. The deadline is July 4, and the bank says it is highly unlikely Coinbase will be able to convince the states that their concerns are misplaced. Staking represented 9.5% of Coinbase’s net revenue in first-quarter 2023.
The downside from the loss of potential revenue from the staking rewards program is much larger than the potential upside from the firm’s role as custody provider for Blackrock’s planned spot bitcoin ETF, the note said. The SEC could still target the USD Coin stablecoin as an unregistered security, which would “jeopardize the significant amount of revenue that Coinbase generates from its portion of the interest income earned on the assets backing the stablecoin,” the report added.
The bank has a hold rating on the stock with a $39 price target. The shares closed at $72.43 on Thursday.
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