According to TechFlow, on July 23, according to Coindesk, Citi said in a research report on Tuesday that Coinbase may benefit from an improved regulatory environment in the United States, especially in the context of the upcoming presidential election and the Supreme Court overturning the Chevron precedent. Citi raised Coinbase's rating from neutral to buy and raised its target price from $260 to $345.
In addition, the report said that the launch of a spot Ethereum ETF will help promote wider adoption of cryptocurrencies and bring greater custody income opportunities to Coinbase. Although the stock has risen 52% year-to-date, Citi believes that future regulatory improvements may unlock stranded institutional capital, promote cooperation between crypto and traditional finance, and further enhance market activity and liquidity.
