Coinbase’s stock has faced a challenging week, resulting in a decline that has seen the cryptocurrency exchange fall below Block.
Coinbase’s stock has faced a challenging week, resulting in a decline that has seen the cryptocurrency exchange fall below Block, Inc. in total market capitalization for the first time since March.
The move comes amid a broader downturn in the cryptocurrency market, marking Coinbase's worst week of the year so far.
Barclays bank revised its rating on Coinbase on Friday, upgrading its stance from "Underweight" to "Equal Weight." However, the bank also lowered its price target for Coinbase shares from $206 to $169.
Barclays cited a maturing regulatory landscape, consistent diversification efforts, and strong industry leadership as indicators of Coinbase’s evolving business model and reliability in generating revenues.
Coinbase previously surpassed Block, the parent company of Square and other subsidiaries, in market capitalization earlier this year, reaching a year-to-date high of $279.71 on March 25. As of Friday, Coinbase closed at $147.35.
Coinbase scored a small victory last week, when a New York judge ordered the Securities and Exchange Commission (SEC) to provide Coinbase access to certain documents related to ongoing litigation.
However, the court rejected Coinbase's attempt to subpoena SEC Chair Gary Gensler. Coinbase Chief Legal Officer Paul Grewal commented on the ruling, noting that while one request was withdrawn, the judge acknowledged the importance of the discovery that Coinbase has sought for several months.
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