00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Barclays analyst Benjamin Budish downgraded Coinbase to underweight on April 8th and
00:07cut his price target to $140 from $148, according to Benzinga. He said global crypto trading
00:13activity has fallen to levels last seen at the end of 2023. Coinbase reported Q1 spot volume
00:19of about $189 billion, down 30% from the prior quarter. Barclays expects transaction revenue of
00:25$678 million versus a $876 million estimate. March marked the lowest volume since September 2024,
00:33and April shows no rebound. Budish questioned Coinbase's expansion into equities and prediction
00:38markets as competitors gain share. In February, Coinbase's prediction markets had told Benzinga
00:43that he had underestimated the sector's growth. Bitcoin is down about 18% year to date,
00:48and Coinbase shares have fallen about 30%. For all things money, visit Benzinga.com.
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