According to Berenberg Capital Markets analysts, Coinbase's recent regulatory issues make its stock a "hold." The firm initiated coverage of the crypto-linked equity with a price target of $55 per share, while Coinbase closed at around $57.90 a share. Berenberg's neutral view on the stock is due to the regulatory environment for crypto in recent months, particularly the rising tensions between Coinbase and the SEC. The firm estimates that about 37% of Coinbase trading fee revenue comes from non-bitcoin assets, which could have exposure to regulatory risk.