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Coinbase Faces Risks Despite Surge in Shares Following BlackRock’s Bitcoin ETF Application: Berenberg

June 30 (Cointime) - Shares of Coinbase (COIN) have risen by over 30% since June 15, following news that Blackrock (BLK) applied for a spot bitcoin (BTC) exchange-traded-fund (ETF), outpacing the 20% increase in bitcoin's price over the same period.

Berenberg, an investment bank, stated that the surge in Coinbase's share price was driven by the positive change in sentiment towards bitcoin and cryptocurrencies, as well as the fact that the company was designated as the provider of custody for the fund.

However, investors should consider the risks the company is facing, such as the potential cease and desist orders on Coinbase's staking rewards program, which represented 9.5% of the company's net revenue in Q1 2023.

Bitcoin Bitcoin $91,773.87
-2.33%
Coinbase BlackRock Bitcoin
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