Spot Bitcoin ETFs: A Supply Crunch Waiting to Happen? [Yahoo! Finance]
Coinbase Global, Inc. - Class A (COIN)
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Source: Yahoo! Finance
questions are surfacing around whether inflows into the products can moderate quickly enough to avoid structural issues following the much-anticipated halving event. The astronomical pace of asset gathering by the suite of new wrappers —spearheaded by the $17.3bn iShares Bitcoin Trust (IBIT)—has had a mechanical impact on the market for their underlying asset. From a price perspective, bitcoin's rally in early 2024 should cast investors' minds back to 2004, when the arrival of the SPDR Gold Trust (GLD) preceded a 254% gold price surge within seven years—from around $700 an ounce to $2,450—at which point GLD was the world's largest ETF with $77.5 billion in assets under management (AUM) by August 2011. The same dynamic has played out over a more compressed timeframe in U.S. spot bitcoin ETFs, with more than $30 billion of asset gathering within their first three months being a key driver in bitcoin's surge from $45,000 to fresh all-time-highs above $73,000 in March. However, it
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COIN
News
- Coinbase Global, Inc. (NASDAQ: COIN) had its "market outperform" rating re-affirmed by analysts at JMP Securities. They now have a $320.00 price target on the stock.MarketBeat
- Coinbase knocked Q1 earnings out of the park—now comes the hard part [Yahoo! Finance]Yahoo! Finance
- Coinbase's Haas Says ‘Just Another Day in Crypto' After Stock Decline [BNN Bloomberg (Canada)]BNN Bloomberg
- Coinbase Falls Despite Q1 Earnings Beat: ETFs in Focus [Yahoo! Finance]Yahoo! Finance
- Bitcoin's Recent Weakness Is More Tied to Global Markets Than to Anything Crypto Specific, Coinbase Says [Yahoo! Finance]Yahoo! Finance
COIN
Earnings
- 5/2/24 - Beat
COIN
Sec Filings
- 5/3/24 - Form 144
- 5/3/24 - Form 4
- 5/2/24 - Form 4
- COIN's page on the SEC website