CFTC Approves Coinbase Clearing, Deribit Deal Closes as Analysts Lift Targets
COIN sits 30% above its 52-week low of $139.11.
Summary
Coinbase secured CFTC approval for its derivatives clearing arm, allowing it to clear regulated derivatives directly. The $2.9B Deribit acquisition has closed, adding over $30B in bitcoin options open interest and $1T in annual volume. USDC is now usable in Samsung's mobile wallet, expanding stablecoin distribution. The company plans to launch options trading on Coinbase Prime in coming weeks, with U.S. retail access expected by year-end. Analysts have raised price targets ahead of Q3 results, with estimates of a $0.20/share loss on $1.77B revenue. Shares rose up to 2.8% on a Bank of America note.
At the time of this announcement, COIN was trading at $181.11 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $47.3B. The 52-week trading range was $139.11 to $402.16. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.