Coindesk

Coinbase (COIN) has been downgraded to a sell rating by Compass Point, which also cut its year-end price target from $330 to $248, citing weaker-than-expected earnings and fading interest in crypto equities as key risks.COIN is trading modestly higher on Monday at $316 following last week's earnings-related 18% plunge.“While we remain constructive on the current crypto cycle, we expect a choppy 3Q alongside weak August/September seasonality and waning retail interest in crypto treasury stocks,” analysts wrote. “We also expect increasing stablecoin competition to weigh on both COIN and CRCL's valuations in 2H25.”Coinbase missed expectations for second-quarter results, and early third-quarter trends aren’t looking much better. Subscription and services revenue, a metric investors see as a reliable income stream, came in...

Bullish, the owner of the Bullish Exchange crypto platform, said it plans to raise as much as $629 million in its initial public offering (IPO) on the New York Stock Exchange.The company, which also owns CoinDesk, said it plans to sell 20.3 million ordinary shares with an expected price of $28-$31 per share according to an an amended F-1 document filed with the Securities and Exchange Commission on Monday. It expects to trade under the ticker “BLSH.”Funds managed by BlackRock and ARK Investment Management have shown interest in buying up to $200 million worth of shares at the IPO price, according to the amended F-1 document. The offerings' underwriters have the option to purchase an additional 3.045 million shares, depending...

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.The CoinDesk 20 is currently trading at 3770.58, up 0.3% (+11.59) since 4 p.m. ET on Friday.Fourteen of 20 assets are trading higher.Leaders: LTC (+9.7%) and XLM (+3.7%).Laggards: SUI (-3.1%) and SOL (-2.0%).The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.Source link

Coinbase’s (COIN) softer-than-expected second quarter results triggered a sharp Friday sell-off, but Wall Street broker Benchmark says the drop is a buying opportunity, not a red flag. Analyst Mark Palmer reiterated his buy rating and $421 price target. He argued that the exchange's long-term investment case remains intact as the company continues to build foundational crypto infrastructure.The shares are 1.8% higher in early trading Monday, after having closed 16.7% lower on Friday.Benchmark highlights five catalysts supporting its thesis. First, Coinbase's revenue-sharing agreement with Circle on USDC reserves positions it to benefit from stablecoin adoption, especially after the U.S. passed the GENIUS Act. Second, its institutional offerings, including prime brokerage, crypto-as-a-service and derivatives, are well-timed because the CLARITY Act may spur...

By Omkar Godbole (All times ET unless indicated otherwise)In the world of rock climbing, athletes don't simply grab a new ledge and reach out for the next one. First, they put their full weight on the new ledge to ensure it's solid before aiming higher.Bitcoin (BTC) has followed a similar pattern since Friday's U.S. jobs data, which triggered concerns of a recession in the world's largest economy. The cryptocurrency's price came under pressure, dropping almost to $111,965, testing support at the then-record high set in May, over the weekend. It recovered to trade recently around $114,700.The decline resulted in roughly $670 million in losses on perpetual futures positions, of which over $550 million were long positions, according to Coinglass. The...