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Reported bu The Block: A bearish week for Coinbase’s stock saw the company fall below Block, the company behind Square, in total market capitalization.
Barclays bank revised its stance on Coinbase on Friday, shifting its price target down to $169 from $206 but upgrading the company to “Equal Weight” from “Underweight.”
Block, Inc., the company behind payment processor Square, music streaming service Tidal, and bitcoin funding iniative Spiral, among other subsidiaries, has surpassed Coinbase in market capitalization for the first time since March.
Coinbase's stock declined this week amid falling prices across the crypto market, logging its worst week of the year so far. Coinbase passed Block Inc. in market capitalization for the first time this past March, according to The Block's data.
Meanwhile, analysts from investment bank Barclays adjusted the firm's stance on Coinbase from Under Weight, meaning it's expected to underperform other companies in the industry over the next 12 months, to Equal Weight, according to Benzinga. Barclays argued that a maturing regulatory environment, steady diversification, and strong industry leadership shows the business maturing with reliable revenues.
However, the bank also revised its price forecast for Coinbase's shares down to $169 from $206. Coinbase's stock hit a year-to-date high of $279.71 on March 25 and closed at $147.35 as of Friday.
Coinbase scored a narrow victory last week when a New York judge ordered the SEC to grant Coinbase access to certain documents related to the agency's litigation with the company; however, the exchange's attempt to subpoena SEC Chair Gary Gensler was thrown out.
"While it may be the case that we withdrew one particular request, and the judge recognized certain reasonable limits, this was an order granting the heart of the discovery that we have been seeking for months," Coinbase Chief Legal Officer Paul Grewal told The Block.
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