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Coinbases Rollercoaster Ride: SEC Lawsuit, Downgrades, and Partnership Rumors

By Theon Barrett Jul 5, 2023
Analysis ,Bitcoin ,Coinbase ,Regulations

Coinbase shares ended Wednesday lower by nearly 2%, despite positive news about partnering with asset managers on new spot bitcoin exchange-traded funds. The stock closed at $78.35 per share, down 1.98% and was downgraded by Piper Sandler. Analyst Patrick Moley cited uncertainty surrounding the SEC lawsuit as the reason for the downgrade. Despite the lawsuit, Coinbase remains a partner for various asset management firms planning to launch spot bitcoin ETFs, including Fidelity and BlackRock.

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Theon Barrett
ByTheon Barrett
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