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  • Court gives Coinbase the green light to delist Wrapped Bitcoin (WBTC)

    Court gives Coinbase the green light to delist Wrapped Bitcoin (WBTC)

    Court gives Coinbase the green light to delist Wrapped Bitcoin (WBTC)
    • A US federal judge has allowed Coinbase to delist WBTC despite BiT Global’s objections.
    • Judge Martínez-Olguín denied BiT Global’s TRO, citing lack of evidence of harm.
    • Despite the delisting and Coinbase launching cbBTC, WBTC dominates the wrapped digital assets market with an 85% share.

    In a pivotal legal decision, a California federal judge has ruled in favour of cryptocurrency exchange Coinbase, allowing it to proceed with the planned delisting of Wrapped Bitcoin (WBTC).

    The ruling, delivered by Judge Araceli Martínez-Olguín of the US District Court for the Northern District of California, came after a contentious legal battle initiated by BiT Global, a digital asset custodian partly owned by Tron founder Justin Sun.

    The BiT Global lawsuit against Coinbase for WBTC delisting

    The dispute began in November 2024 when Coinbase announced its intention to delist WBTC, citing concerns over its association with Justin Sun.

    Sun, a controversial figure in the crypto space, has faced allegations of fraud and market manipulation.

    BiT Global responded by filing a $1 billion lawsuit against Coinbase on antitrust grounds, seeking a temporary restraining order (TRO) to halt the delisting. The firm argued that the move would destabilize WBTC’s market and cause substantial financial harm to investors.

    Temporary restraining order (TRO) declined

    During a virtual hearing on December 18, Judge Martínez-Olguín denied BiT Global’s request for a TRO, ruling that the company failed to provide sufficient evidence of imminent and irreparable harm. She noted that BiT Global’s delay in filing the lawsuit after Coinbase’s initial announcement weakened its case.

    In its defence, Coinbase pointed to BiT Global’s refusal to disclose ownership details and concerns about Sun’s influence over the token’s integrity.

    While the court left open the possibility for BiT Global to present stronger evidence in the future, the decision effectively cleared the path for Coinbase to delist WBTC as planned on December 19.

    Notably, WBTC’s delisting comes amid Coinbase’s recent launch of its own wrapped bitcoin token, cbBTC, raising questions about competitive motives.

    Despite the controversy, WBTC continues to dominate the wrapped bitcoin market, holding 85% of the Ethereum network’s market share.

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  • Coinbase and MicroStrategy climb as Bitcoin reclaims $59k

    Coinbase and MicroStrategy climb as Bitcoin reclaims $59k

    • Coinbase and MicroStrategy stocks rose 6% and 7% respectively as Bitcoin surged to above $59,000.
    • Analysts say crypto markets may be choppy amid potential bearish catalysts.

    Coinbase and MicroStrategy stocks have climbed more than 6% each on Aug. 8 (as of 2 pm ET), gains that come as the price of Bitcoin broke above $59,000.

    The Coinbase (COIN) stock traded around $192.30 while MicroStrategy’s MSTR hovered near $134. 23.

    Read more: Michael Saylor’s bet on Bitcoin paying off, his BTC holdings now valued at $1B

    Bitcoin’s surge sees it extend recent momentum since reclaiming support above $50,000. According to data on CoinGecko, the flagship cryptocurrency is up 7% in the past 24 hours. Losses over the past week have shrunk to about 5%.

    Amid this, crypto analyst Ali Martinez says long-term holders have aggressively bought the recent dip.

    Short term outlook

    This positive movement for BTC comes as XRP led the crypto market higher after the latest court ruling in the Ripple vs. SEC case. XRP traded to above $0.63 to help Stellar (XLM) and other altcoins higher. Ethereum also breached the $2,600 mark.

    However, XRP is poised at a key resistance zone and Ethereum may yet have to battle bearish pressure from potential selling.

    “There is a potential cap on the topside in the near term with Jump Trading continuing its ETH liquidations (21,394 $wstETH ~$63.6M left) and Plus Token Ponzi 2 ETH wallets moving a total of 25,757 ETH ($63.1M) in the last 30 hours,” analysts at QCP Capital wrote.

    The broader market is also still largely tinged with caution as analysts point to jitters around the global macro environment and geopolitical tensions in the Middle East. In this case, crypto could still see a retreat amid a choppy month or so.

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  • Coinbase partners with Lightspark for Bitcoin Lightning Network integration

    Coinbase partners with Lightspark for Bitcoin Lightning Network integration

    • Coinbase’s partnership with Lightspark for Bitcoin Lightning Network integration enhances transaction efficiency.
    • Lightspark’s advanced technology streamlines Lightning Network access, offering low-cost BTC transfers.
    • The collaboration empowers Coinbase with reliable, scalable node infrastructure, driving global financial innovation.

    Coinbase, a leading cryptocurrency exchange, has announced a strategic partnership with Lightspark to integrate the Bitcoin Lightning Network.

    The collaboration aims to revolutionize the way users conduct Bitcoin (BTC) transactions, offering them enhanced speed and cost-efficiency.

    Lightspark, in an exclusive blog post, revealed the culmination of their efforts spanning nearly two years to refine their platform as the premier gateway to the Lightning Network. With Coinbase onboard, clients can now enjoy seamless access to low-cost and almost real-time BTC transfers.

    Lightspark’s advanced technology, including its AI-driven smart engine “Lightspark Predict,” optimizes liquidity and routing for maximum efficiency.

    Coinbase to retain control over Lightning signing keys

    Through Lightspark’s remote-key validation implementation, Coinbase retains control over Lightning signing keys while Lightspark manages the node infrastructure. This ensures a reliable, scalable, and fully optimized node infrastructure for Coinbase users.

    Shan Aggarwal, Coinbase’s VP of Corporate & Business Development, expressed confidence in establishing a global financial ecosystem prioritizing efficiency and speed.

    The integration signifies a significant stride towards achieving this goal, opening doors to a multitude of payment-related use cases facilitated by Lightspark’s innovative solutions.

    Coinbase’s decision to integrate the Lightning Network comes at a time when Bitcoin’s scalability and transaction speed have become critical concerns. With transaction fees on the primary network rising, the Lightning Network offers a promising solution to alleviate congestion and reduce costs.

    The move aligns with Coinbase CEO Brian Armstrong’s vision, who previously highlighted the potential of Lightning Network integration.

    Founded in 2022 by David Marcus, Lightspark has garnered support from key industry players and investors, positioning itself as a frontrunner in Lightning Network solutions. The partnership with Coinbase further solidifies its standing in the market.

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  • Coinbase stock rises as Bitcoin goes back above $70k mark

    Coinbase stock rises as Bitcoin goes back above $70k mark

    • Coinbase stock surges 9% to $280.79.
    • Bitcoin has soared by 8.60% in 24 hours to trade at $70,555.18 at press time.
    • Decreasing Bitcoin supply and bullish projections, like $150k by 2024, fuel investor optimism.

    Coinbase Global Inc (NASDAQ: COIN) experienced a significant surge in its stock price, climbing by over 9% to reach $280.79 per share. This rally in Coinbase shares correlates with Bitcoin’s resurgence, which briefly surpassed the $70,000 mark, after a substantial gain of 8.60% over the past 24 hours.

    The uptick in Coinbase’s stock price demonstrates investors’ confidence in the cryptocurrency exchange platform, particularly as Bitcoin, the leading digital asset, continues to exhibit resilience and upward momentum.

    The positive sentiment also reflects broader optimism in the cryptocurrency sector and its potential for further growth and adoption.

    Bitcoin price soars above $70k again 

    March has been such a great month for Bitcoin and the entire crypto market in general. Bitcoin (BTC) price soared past $73k at the beginning of March before retracting as investors started taking their profits.

    The bounce back above $70,000 reaffirms its position as the dominant player in the digital asset market. With a market capitalization of $1.39 trillion, Bitcoin maintains its status as the largest cryptocurrency by market capitalization, capturing over 8.70% of the total market cap.

    The surge in Bitcoin’s price was accompanied by robust trading volume, with $40.43 billion traded within 24 hours, solidifying Bitcoin’s position as one of the most actively traded cryptocurrencies.

    The decreasing Bitcoin supply could also be a factor as crypto exchanges registered record low BTC holdings as Bitcoin ETFs took in millions of bitcoins. With the decreased supply and increasing demand among investors, the majority believe BTC could go higher for the remainder of the year.

    Standard Chartered Bank gave an insane project of $150k by the end of 2024. While that is yet to be confirmed, the crypto industry seems to have come back to life as Bitcoin roars back to life as witnessed with the Coinbase stock surge.

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  • Bitcoin ETF may be a ‘limited’ benefit for Coinbase stock: Barclays

    Bitcoin ETF may be a ‘limited’ benefit for Coinbase stock: Barclays

    coinbase stock price forecast barclays analyst
    • Mike Novogratz expects SEC to approve a Spot Bitcoin ETF this year.
    • Barclays analyst does not expect that to be a huge benefit for Coinbase.
    • Coinbase stock is currently down over 30% versus its year-to-date high.

    Mike Novogratz – the Chief Executive of Galaxy Investment Partners expects the Securities & Exchange Commission to approve a Spot Bitcoin ETF by the end of this year.

    Here’s what Mike Novogratz said today on CNBC

    Last week, the U.S. regulator refrained from appealing a court’s ruling that said it did not have sufficient reason to block Grayscale from converting its flagship trust to an exchange-traded fund.

    Note that Galaxy itself has filed for a Spot Bitcoin ETF in collaboration with Invesco. On CNBC’s “Squawk Box”, Novogratz said today:

    Dialogue with SEC is heading in right direction. It is no longer talking how Bitcoin works. It’s just a recognised macro asset and that’s a huge psychological shift.

    The billionaire investor expects a positive news on the ETF front to lead the market higher. Still, Barclays is not entirely convinced that it will be a material catalyst for Coinbase Global Inc.

    Barclays analyst shares his view on Coinbase stock

    Analyst Benjamin Budish told clients in a research note today on Wednesday that approval of a Spot Bitcoin ETF will likely be a “limited” benefit for Coinbase.

    It is not clear how successful ETF launches would translate into a meaningful P&L benefit for Coinbase despite it being an integral service provider.

    He agreed that the Nasdaq-listed firm will serve as custodian for four BTC exchange-traded funds (at least) but said it is unlikely to earn significant custodial and prime brokerage fees.

    Barclays has an “underweight” rating on Coinbase stock with a price target of $70 that suggests another 6.0% downside from here. Earlier this week, Cathie Wood – the Founder of Ark Invest also took a positive tone on a Spot Bitcoin ETF approval.

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  • Dan Dolev sees Coinbase missing Q3 revenue estimates by 10%

    Dan Dolev sees Coinbase missing Q3 revenue estimates by 10%

    dan dolev coinbase missing q3 revenue
    • Mizuho analyst forecasts up to $652 million in revenue for Coinbase in Q3.
    • Dan Dolev continues to see sharp downside in the crypto stock to $27.
    • Coinbase shares are already down roughly 35% versus their YTD high.

    Mizuho lowered its quarterly revenue estimate for Coinbase Global Inc on Wednesday. Its shares are down 1.0% at writing.

    Dan Dolev shares his view on Coinbase

    Dan Dolev now expects the crypto exchange to report revenue about 7.0% below his previous forecast for the third quarter. On Wednesday, he said in a research note to clients:

    We expect dwindling volumes combined with an expected drought in retail trading to meaningfully weigh on 3Q revenue.

    Note that Bitcoin trading volatility tanked to the level last seen over four years ago in August.

    The Mizuho analyst is, therefore, convinced that the Nasdaq-listed firm will come in about 10% shy of consensus estimate for revenue in its Q3. Coinbase shares are currently down 35% versus their year-to-date high.

    Coinbase shares have downside to $27

    Dan Dolev now forecasts Coinbase to report revenue in the range of $609 million to $652 million in its third financial quarter.

    That’s driven from a sharp decline in the platform’s average daily trading volume that stood at about $1.0 billion in the second quarter but had crashed to $665 million in September.

    The Mizuho analyst, therefore, maintained his “underweight” rating on Coinbase shares this morning. His $27 price target suggests a more than 60% downside from here.

    His bearish call on the stock arrives shortly after the crypto exchange said it had secured AML or Anti-Money Laundering registration with the Bank of Spain (find out more). Coinbase is the globally the largest holder of Bitcoin as per Arkham.

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  • Coinbase is largest Bitcoin (BTC) holder in the world: Arkham

    Coinbase is largest Bitcoin (BTC) holder in the world: Arkham

    Coinbase Crypto Exchange Logo And Bitcoin Symbol
    • Arkham announced it identified nearly $25 billion in Bitcoin in crypto exchange Coinbase’s portfolio.
    • The BTC holdings are approximately 948,000, closer to the 1 million BTC of Satoshi Nakamoto.
    • Coinbase is thus the world’s largest known Bitcoin entity, Arkham analysts said on X.

    Blockchain intelligence firm Arkham has reported that Coinbase holds Bitcoin (BTC) worth about $25 billion, making the cryptocurrency exchange the world’s largest entity holding the flagship digital asset.

    Arkham says Coinbase holds nearly 1 million BTC

    Arkham’s announcement on Friday was that it had identified nearly 1 million BTC on-chain for Coinbase reserves, with this making the US-based crypto behemoth “the largest Bitcoin entity in the world on Arkham.” The holdings account for about 5% of all bitcoin in existence and means the exchange’s BTC is nearly as much as that attributed to Bitcoin creator Satoshi Nakamoto.

    Coinbase is also reportedly home to 36 million deposit and holding addresses for BTC, one of which is a cold wallet with 10,000 BTC. There could be millions of other untagged assets, the intelligence platform noted.

    “Arkham has identified and tagged over 36 Million BTC deposit and holding addresses used by Coinbase, with their largest cold wallet containing ~10K BTC. Based on their most recent financials, Coinbase likely has thousands more BTC not yet labeled,” Arkham posted on X.

    Other than Bitcoin, the Coinbase portfolio also has 1.68 million Ethereum (ETH), 68.6 million Chainlink (LINK), nearly 223 million USD Coin (USDC) and 921,000 BNB (BNB). These assets contribute to Coinbase’s crypto portfolio of over $29 billion, according to data on Arkham as of September 22.

    Arkham’s report comes as Coinbase expanded its services further with a regulatory approval in Spain. As CoinJournal highlighted earlier today, the company has secured registration with the Bank of Spain to offer services as a crypto exchange and crypto custody wallet provider.

    Official entry into Spain adds to Coinbase’s regulatory milestones in Italy, Singapore, the Netherlands, Brazil and Canada. The exchange is also battling for regulatory clarity in the US.

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  • Coinbase confirms plans of integrating the Lightning Network

    Coinbase confirms plans of integrating the Lightning Network

    coinbase to integrate lightning network
    • Coinbase says it will add support for the Bitcoin Lightning Network.
    • Cathie Wood praises the crypto exchange for the decision.
    • Coinbase shares are down nearly 30% versus their YTD high.

    Coinbase Global Inc has decided to integrate the Lightning Network that aims at making Bitcoin a viable option for faster and cheaper global payments.

    How long will the integration take?

    The crypto exchange had been exploring adding support for the Lightning Network since early August. On Wednesday, Brian Armstrong – its Chief Executive wrote on X (formerly Twitter):

    We’ve made decision to integrate Lightning. Bitcoin is most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions.

    He did not reveal how long the integration will likely take, though.

    The announcement arrives more than a month after Coinbase reported its financial results for the second quarter that handily topped Street estimates. At writing, shares of the crypto company are down close to 30% versus their year-to-date high.

    Cathie Wood thumbs up Coinbase for the decision

    Note that Coinbase Global is taking after Cash App – the mobile payment service of the California-based Block Inc. Reacting to its announcement today, Cathie Wood of Ark Invest wrote on X:

    Coinbase’s integration with Lightning will give its 100 million users an on-ramp to faster and cheaper bitcoin transactions. Hats off to Coinbase!

    Other notable names who have been vocal in their support for the Lightning Network include Michael Saylor – the Executive Chairman of MicroStrategy Inc.

    The former president of PayPal – David Marcus also reiterated commitment this week to turning Bitcoin into a global payments network (find out more). The price of a BTC is currently about 20% below its year-to-date high.

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  • Coinbase adds HNT, BLUR, ARB and four other altcoins for Germany users

    Coinbase adds HNT, BLUR, ARB and four other altcoins for Germany users

    • Crypto exchange Coinbase has listed 8 tokens accessible on Coinbase.com and mobile
    • HNT, BLUR, ARB, EGLD, 00, AUDIO, LDO, ATA  are now tradable on Coinbase in Germany.
    • Dogecoin continues to outperform the market after X news.

    Coinbase, the leading US-based cryptocurrency exchange, has made a special announcement touching on eight altcoins.

    The crypto exchange’s announcement says these tokens are now available for trading in Germany, one of the European countries with the highest number of crypto owners.

    Helium (HNT), Blur (BLUR), Arbitrum (ARB) 

    According to the platform, these tokens are Helium (HNT), Blur (BLUR), Arbitrum (ARB), MultiversX (EGLD), 00 Token (00), Audius (AUDIO), Lido DAO (LDO) and Automata (ATA). The crypto assets are “available to Germany residents”, the announcement read.

    “Users can log in to buy, sell, convert, send, receive, or store these assets at Coinbase.com along with the Coinbase iOS and Android apps. To access trading, users may need to refresh their application,” the company posted on its Coinbase Assets account on X (formerly Twitter).

    Some of the listed tokens saw a surge in their prices following the development. However, many remained constrained as top cryptocurrencies struggled to hold onto gains. As Bitcoin hovered near $29k, altcoins like XRP and Solana were looking to keep bears off near key technical levels.

    Meanwhile, Dogecoin continued to see upside action following yesterday’s Twitter rebranding to X. With speculation about a potential integration of DOGE as a payment currency on X Payments, the price of DOGE rose more than 10% in the past 24 hours.

    At the time of writing, the meme coin was trading above $0.081, its highest price since April.

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  • MicroStrategy better than Coinbase for crypto exposure: Berenberg

    MicroStrategy better than Coinbase for crypto exposure: Berenberg

    microstrategy vs coinbase stock berenberg
    • Berenberg analysts sees upside in MicroStrategy to $340.
    • They explain their bullish view in a recent research note.
    • Coinbase stock has a “hold” rating only at Berenberg.

    MicroStrategy Inc is a better pick for exposure to cryptocurrencies than Coinbase Global Inc, as per the Berenberg analysts.

    MicroStrategy stock has upside to $340

    Mark Palmer and Hassan Saleem see upside in the technology company to $340 a share – up another 20% from here. In a recent research note, they said:

    MicroStrategy which features a unique business model focused on the acquisition and holding of bitcoins, represents an attractive alternative to Coinbase in the current environment.

    At writing, the Nasdaq-listed firm owns about 140,000 BTC in total. Earlier in May, MicroStrategy said it took an impairment charge of $170 million on its bitcoin holdings in the first quarter.

    Its stock price has already nearly doubled since the start of the year.

    Why is Berenberg dovish on Coinbase stock?

    On Coinbase, Berenberg analysts have a “hold” rating with a price objective of $55 a share – roughly in line with where it’s currently trading.

    They’re dovish primarily due to the ongoing regulatory scrutiny. In March, the crypto exchange received a “Wells Notice” from the U.S. Securities and Exchange Commission (SEC).

    Coinbase’s revenue is at risk in the event of an enforcement action are disproportionately profitable relative to its total revenue.

    In comparison, MicroStrategy focuses on bitcoin that’s already been classified as a commodity and not a security thereby insulating it from such risks. The correlation between MSTR and COIN currently stands at about 0.96.

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