Coinbase Global gets Buy rating from Citi as investors adopt cryptocurrencies

Citi analyst Peter Christianson initiates Coinbase Global (NASDAQ:COIN) with a Buy/High Risk rating, noting that it would give investors direct exposure to increased retail and institutional adoption of cryptocurrencies. Coinbase (COIN) stock gains 2.1% in premarket trading as bitcoin (BTC-USD) only rises 0.1% to $62.8K, but ethereum (ETH-USD) increases 2.0%. Christianson sees Coinbase (COIN), as a crypto-economy facilitator, poised "to make 'higher highs and higher lows' relative to crypto volatility as adoption increases." He also points to the company's potential expansion to offerings outside of transaction facilitation — cold wallet storage, Dapps and/or APIs to outside DeFi protocols, staking, prepaid debit cards, NFTs, etc. In addition, Coinbase's (COIN) embracing regulatory compliance could become a competitive advantage longer-term, he said. Sets price target at $415, implying ~28% upside. The Buy rating compares with SA Authors' average rating of Bullish (4 Very Bullish, 7 Bullish, 5 Neutral, 2 Bearish) and the average Wall Street rating