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<div class="coinjournal">
 <ul>
  <li>Mizuho analyst forecasts up to $652 million in revenue for Coinbase in Q3.</li>
  <li>Dan Dolev continues to see sharp downside in the crypto stock to $27.</li>
  <li>Coinbase shares are already down roughly 35% versus their YTD high.</li>
 </ul>
 <p>Mizuho lowered its quarterly revenue estimate for Coinbase Global Inc on Wednesday. Its shares are down 1.0% at writing.</p>
 <h2 id="dan-dolev-shares-his-view-on-coinbase">Dan Dolev shares his view on Coinbase</h2>
 <p>Dan Dolev now expects the crypto exchange to report <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> about 7.0% below his previous forecast for the third quarter. On Wednesday, he said in a research note to clients:</p>
 <blockquote>
  <p>We expect dwindling volumes combined with an expected drought in retail trading to meaningfully weigh on 3Q revenue.</p>
 </blockquote>
 <p>Note that Bitcoin trading volatility tanked to the level last seen over four years ago in August.</p>
 <p>The Mizuho analyst is, therefore, convinced that the Nasdaq-listed firm will come in about 10% shy of consensus <a rel="noopener noreferrer nofollow" title="estimate" href="https://thebittimes.com/tag/estimate.html">estimate</a> for <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> in its Q3. <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> shares are currently down 35% versus their year-to-date high.</p>
 <h2 id="coinbase-shares-have-downside-to-27">Coinbase shares have downside to $27</h2>
 <p>Dan Dolev now forecasts <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> to report <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> in the range of $609 million to $652 million in its third financial quarter.</p>
 <p>That’s driven from a sharp decline in the platform’s average daily trading volume that stood at about $1.0 billion in the second quarter but had crashed to $665 million in September.</p>
 <p>The Mizuho analyst, therefore, maintained his “underweight” rating on <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> shares this morning. His $27 price target suggests a more than 60% downside from here.</p>
 <p>His bearish call on the stock arrives shortly after the crypto exchange said it had secured AML or Anti-Money Laundering registration with the Bank of Spain (find out more). Coinbase is the globally the largest holder of Bitcoin as per Arkham.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/dan-dolev-sees-coinbase-missing-q3-revenue-estimates-by-10-tbt65124.html">https://thebittimes.com/dan-dolev-sees-coinbase-missing-q3-revenue-estimates-by-10-tbt65124.html</a></p>

Dan Dolev sees Coinbase missing Q3 revenue estimates by 10%

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