Coinbase (NASDAQ:COIN), a cryptocurrency exchange, is eying global expansion with its new offering. The company’s International Exchange launched spot crypto trading for non-U.S. institutional clients. Starting December 14, non-U.S. institutional clients can trade spot Bitcoin (BTC-USD) and Ethereum (ETH-USD) pairs.
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COIN stated that it plans to broaden the product by incorporating retail users. Moreover, it plans to introduce more assets and implement features that facilitate new trading strategies while improving capital efficiency in the upcoming months.
Coinbase introduced Coinbase International Exchange in May 2023, aimed at enhancing the company’s global presence. Over 100 institutions swiftly joined the exchange, contributing to an impressive $10 billion in perpetual futures trading volume during Q3. The platform added 15 contracts covering more than 70% of the perpetual futures trading market and also increased the maximum leverage to 10x for all listed contracts. As COIN focuses on expanding globally, let’s look at the Street’s projection for its stock.
What is the Future of Coinbase Stock?
Coinbase stock has gained over 348% year-to-date. The company’s cost-cutting initiatives, consistent generation of positive adjusted EBITDA, and robust balance sheet have contributed to a notable uptick in its share price. Further, it obtained new licenses, enabling the company to access new markets and deliver new products, which augurs well for growth.
However, given the massive increase in its share price, Wall Street analysts prefer to remain sidelined. With seven Buy, six Hold, and seven Sell recommendations, COIN stock has a Hold consensus rating. Further, analysts’ average price target of $95.78 implies 36.34% downside potential from current levels.
