Banking giant Citi reportedly says that Ethereum’s (ETH) upcoming transition to proof-of-stake expected next month could be bullish for the stock of Coinbase, the largest crypto exchange in the US.
According to a note to clients seen by Seeking Alpha, Citi analyst Peter Christiansen has his radar locked on Coinbase’s stock for 90 days in an upside catalyst watch.
According to Christiansen, there are “good developments brewing” for Coinbase in the Ethereum merge, plus possible regulatory clarity on stablecoins.
The former “could represent hundreds of millions of annual blockchain reward revenue for Coinbase (COIN)” and stimulate Web 3.0 development, says the analyst.
At time of writing, COIN is down 74% from its all-time high but has doubled in price from late June and is now trading at $93.
Citi’s bullish take on Coinbase comes as the exchange faces a new lawsuit from investors who felt misled into buying COIN.
According to the court filing made by Bragar Eagel & Squire, P.C, a...
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