Spot Bitcoin ETF Approval Is Not Good News For Coinbase (COIN)

Approved Spot Bitcoin ETFs begin trading. Mizuho reiterates its underperform rating on Coinbase (COIN) with a $54 price target. The analyst notes that the potential upside to revenue from Bitcoin ETFs may be more muted than thought. They see 1%-2% benefit from custody fees and 5%-10% total benefit if ETFs drive Spot Bitcoin trading. The analyst mentions that the deeper cannibalization of high-margin Spot Bitcoin trading could offset future benefits. Renita Young weighs in on this story. Tune in to find out more about the stock market today.