Home Analysis Dan Dolev’s view on Coinbase stock after CFTC sued Binance

Dan Dolev’s view on Coinbase stock after CFTC sued Binance

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  • The CFTC has sued Binance for violating federal law to attract US customers.
  • Mizuho’s Dan Drev has reiterated his $30 price target for Coinbase shares.
  • He prefers Bitcoin over Coinbase Global Inc to play in the crypto space.

Monday, Commodity Futures Trading Commission sued Binance violated federal law to attract US customers.

What Does It Mean for Coinbase Stocks?

In theory, this should be an opportunity for rival Coinbase Global (NASDAQ: COIN) to increase its market share.

Still, Mizuho Senior Analyst Dan Dreff does not recommend investing in cryptocurrency exchanges. CNBC’s “Closing Bell: Overtime“, He said:

What you are seeing now is the beginning of a real crackdown on cryptocurrencies. I would be really worried if I owned any of these cipher names. We do not invest in public exchanges, including Coinbase.

I also received coinbase last week Wells Notice from the Securities and Exchange Commission for violating US securities laws. Coinbase shares ended Monday with him down nearly 10%.

Dref Prefers Bitcoin Over Coinbase Stocks

Dolev currently has a “poor performance” rating on the cryptocurrency exchange. His $30 price target suggests the company’s stock could fall another 50% from here.

No business model. If the government cracks down on altcoins and staking, it will be his 35% of Coinbase’s revenue. So what are they left with?

Nevertheless, Coinbase Global Inc. report February’s fourth quarter results beat expectations. However, in Q4 he had 8.3 million MTU (Monthly Trading Users) and a year ago he had 8.5 million.

Mizuho analysts prefer Bitcoin over Coinbase stocks to play in the crypto space.

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