"The stock was under extreme scrutiny during crypto winter... We believe the company is stronger than many people realize, and the management team is tougher than most investors think," analyst Owen Lau wrote in a note.
Another driving force is the recent approval of ten spot bitcoin exchange-traded funds (ETFs) for which Coinbase serves as a custodian for several issuers. This will not only bring the company revenue by being a key part of the infrastructure but will benefit from the new wave of investors, increasing adoption and higher trading volume, Lau said.
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