Coinbase Upgraded on Bitcoin ETF Momentum, But Long Term Concerns Remain

Coinbase shares upgraded to market perform from underperform at Raymond James due to positive impact of spot bitcoin ETF flows on crypto valuations
Raymond James admitted underestimating effect of spot ETF inflows on crypto, especially bitcoin, valuations
Firm maintains cautious tone, doubting Coinbase's long-term earnings prospects due to commoditized offerings, questionable crypto valuation outlook, and regulatory risk
Report states Coinbase stock's positive momentum likely to persist as long as ETF flows continue
Goldman Sachs last week also abandoned its previous bearish view and upgraded Coinbase stock to neutral