Crypto exchange Coinbase shares has picked a spectacular rally amid bullish Bitcoin and crypto market. After Goldman Sachs and other financial giants, investment banking and asset management firm JMP Securities has raised the target price of Coinbase shares to $300.
Coinbase (COIN) Price Target
JMP Securities analyst Devin Ryan revised the target price for Coinbase Global Inc. (NASDAQ: COIN) from $220 to $300, on March 13. Coinbase being the major regulated market for crypto investing and surveillance partner and custodian for spot Bitcoin ETFs have proved beneficial for the crypto exchange.
As per JMP Securities, spot Bitcoin ETFs can see $220 billion of inflows over the next three years. This is significantly higher than what has already been experienced, with assets under management surpassing $58 billion in just two months.
“Coinbase remains well positioned if we are correct: Maintain Market Outperform rating and increase price target to $300 from ($220),” said Devin Ryan. JMP Securities gave a similar price target for Coinbase in September 2021 and the COIN price rallied over $300 in the next month.
Recently, Goldman Sachs upgraded their rating on Coinbase shares from “sell” to “neutral” and adjusted their price target to $282. On Tuesday, investment bank Raymond James upgraded Coinbase to “market perform” from “underperform”.
Meanwhile, Coinbase Global also unveiled plans to offer $1 billion worth of convertible senior notes like MicroStrategy to raise funds to pay debt and use for other general purposes.
Also Read: ETH Price Set for $5000 After Ethereum Dencun Upgrade: Derivatives Data
COIN Price Amid Ark Invest Selloff
The latest shift in market sentiment on Coinbase came after spectacular performance of the spot Bitcoin ETFs, with BlackRock and Fidelity Bitcoin ETF continue to see massive inflows.
On March 12, spot Bitcoin ETFs saw $1.05 billion inflows, the highest single-day inflow to date. BlackRock iShares Bitcoin ETF recorded an inflow of $849 million backed by huge trading volumes.
Cathie Wood’s ARK Invest continues the Coinbase shares selling spree by selling off over 270,000 Coinbase (COIN) shares worth over $69 million on Monday. Ark Invest funds again sold 106,000 COIN shares worth $27 million on Tuesday.
Coinbase (COIN) price has rallied over 63% year-to-date, closing at $256.14 on Tuesday. In pre-market hours, Coinbase shares are trading at 2% lower near $251 on Wednesday. Ark funds capitulated Coinbase holdings to book profits as they accumulated enough shares during the bear market.
Also Read: Ethereum Dencun Upgrade — Everything You Need To Know
The post Just-In: Coinbase (COIN) Target Price Revised on Estimated $220B Bitcoin ETF Inflows appeared first on CoinGape.
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