Mizuho does not know portion of Coinbase funds held at Signature

Per Coinbase’s (COIN) website on April 2, Signature Bank (SBNY) was one of its four bank partners, Mizuho tells investors in a research note. New York Community Bancorp (NYCB) recently took over Signature, but did not acquire any of its digital asset banking or crypto-related assets or deposits, the firm points out. Mizuho says it does not know what portion, if any, of Coinbase’s $5B of customer custodial funds were held at Signature Bank. It hopes to obtain further clarity from management and keeps an Underperform rating on the shares with a $30 price target.