{"id":73587,"date":"2024-03-13T10:03:29","date_gmt":"2024-03-13T14:03:29","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=73587"},"modified":"2024-03-13T10:03:34","modified_gmt":"2024-03-13T14:03:34","slug":"coinbase-coin-target-price-increased-to-300","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/coinbase-coin-target-price-increased-to-300\/","title":{"rendered":"Coinbase (COIN) Target Price Increased to $300"},"content":{"rendered":"\n

JMP Securities forecasts $220 billion in inflows into spot Bitcoin ETFs,<\/a> which raises the target price of Coinbase to $300.<\/p>\n\n\n\n

\"Coinbase
Coinbase (COIN) Target Price Increased to $300<\/figcaption><\/figure>\n\n\n\n

Coinbase shares have staged a phenomenal ascent amid a euphoric cryptocurrency and Bitcoin market. In the wake of Goldman Sachs and other prominent financial institutions, JMP Securities, an investment banking and asset management firm, has increased its price target for Coinbase shares to $300. <\/p>\n\n\n\n

Coinbase (COIN) Target Price<\/h2>\n\n\n\n

On March 13, Devin Ryan, an analyst at JMP Securities, updated the price target for Coinbase Global Inc. (NASDAQ: COIN) from $220 to $300. <\/p>\n\n\n\n

The fact that Coinbase is the primary regulated market for cryptocurrency investments and a surveillance partner and custodian for spot Bitcoin ETFs has been advantageous for the cryptocurrency exchange.\u00a0<\/p>\n\n\n\n

Inflows into spot Bitcoin ETFs could reach $220 billion over the next three years, according to JMP Securities. This figure surpasses all previous records by a substantial margin, as the assets under administration have surpassed $58 billion in two months. <\/p>\n\n\n\n

Devin Ryan stated, “Coinbase remains well positioned if we are correct: Maintain Market Outperform rating and increase price target to $300 from ($220),\u201d In September 2021, JMP Securities issued a comparable price target for Coinbase, and the following month, the price of COIN surged above\u00a0$300<\/strong>.\u00a0<\/p>\n\n\n\n

Coinbase shares were recently elevated from “sell” to “neutral” by Goldman Sachs, which revised their price target to $282. Raymond James, an investment bank, upgraded Coinbase from “underperform” to “market perform” on Tuesday. <\/p>\n\n\n\n

In the interim, Coinbase Global\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> disclosed its intention to issue convertible senior notes with a face value of $1 billion, similar to MicroStrategy, to generate capital for debt repayment and other general objectives.\u00a0<\/p>\n\n\n\n

<\/p>\n\n\n\n

COIN Price Amid Ark Invest Selloff\u00a0<\/h3>\n\n\n\n

The most recent change in market sentiment regarding Coinbase occurred after the remarkable performance of spot Bitcoin ETFs, wherein BlackRock and Fidelity Bitcoin ETFs persistently attract substantial inflows. <\/p>\n\n\n\n

The spot Bitcoin ETFs experienced their highest single-day inflow of $1.05 billion on March 12. Massive trading volumes supported an inflow of $849 million into the BlackRock iShares Bitcoin ETF. <\/p>\n\n\n\n

Monday saw the continued selling frenzy of Coinbase shares by Cathie Wood's ARK Invest,<\/use><\/svg><\/span><\/a> which sold over 270,000 Coinbase (COIN) shares worth over\u00a0$69 million<\/strong>. Tuesday, Ark Invest funds sold 106,000 COIN shares for an additional\u00a0$27 million<\/strong>.\u00a0<\/p>\n\n\n\n

Year-to-date, the price of Coinbase (COIN) has increased by more than 63%, topping $256.14 on Tuesday. Coinbase shares are trading 2% lower near $251 during pre-market hours on Wednesday. Ark funds sold their Coinbase holdings to realize a profit, having amassed a sufficient number of shares throughout the bear market.<\/p>\n","protected":false},"excerpt":{"rendered":"

JMP Securities forecasts $220 billion in inflows into spot Bitcoin ETFs, which raises the target price of Coinbase to $300. Coinbase shares have staged a phenomenal ascent amid a euphoric cryptocurrency and Bitcoin market. In the wake of Goldman Sachs and other prominent financial institutions, JMP Securities, an investment banking and asset management firm, has […]<\/p>\n","protected":false},"author":53,"featured_media":72516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[14812,5501,18799,5580],"class_list":["post-73587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-cathiewood","tag-coinbase-2","tag-coinbase-coin-price","tag-crypto-exchange-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/CV-3.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/73587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=73587"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/73587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/72516"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=73587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=73587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=73587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}