"While we continue to see risks for Coinbase, we think the improving environment, P&L profile, gradual but ongoing diversification, clear industry leadership in the US, and recent share performance point to a more balanced risk/reward, and we move to Equal Weight," the analyst wrote.
"According to Barclays analyst Benjamin Budish, both companies have 'matured meaningfully,' particularly because of their product expansion and more positive financial outlook."
"Coinbase could profit from a friendlier regulatory environment, given that both presidential candidates have taken an increasingly friendly stance towards the digital asset industry and with the approval of several spot crypto exchange-traded funds (ETFs), Barclays said in the note."
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