iShares Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin ETF, ARK 21 Shares Bitcoin ETF, MicroStrategy and Coinbase Global

iShares Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin ETF, ARK 21 Shares Bitcoin ETF, MicroStrategy and Coinbase Global

Chicago, IL – December 4, 2024 – Today, Zacks Investment Ideas highlights iShares Bitcoin Trust ETF IBIT, Fidelity Wise Origin Bitcoin ETF FBTC, ARK 21 Shares Bitcoin ETF ARKB, MicroStrategy MSTR and Coinbase Global COIN.

Zacks Stock Ranked #2 (Buy). Coinbase Global operates the largest crypto exchange by trading volume in the United States. Coinbase is capitalizing on global crypto adoption with its wide range of unique crypto offerings.

After COIN’s debut in the “crypto winter” of 2021, shares suffered from falling crypto prices and the demise of its biggest competitor FTX. However, the company’s shares and fundamentals are recovering quickly given widespread global cryptocurrency adoption, innovation, and a robust balance sheet. Below are some reasons why the momentum at Coinbase will continue.

A significant obstacle in the crypto industry is the seamless conversion of fiat currency into crypto. On Monday, Coinbase announced an initiative to simplify the process. The Coinbase website wrote: “Today we are excited to announce the launch of ApplePay for all fiat-to-crypto purchases through Coinbase Onramp, the easiest tool to integrate Onramps into your existing products.”

Earlier this year, Coinbase also announced a strategic partnership with payments giant Stripe to “expand global adoption.” The Stripe and Apple deals represent a milestone for Coinbase, which appears to be the de facto choice for legacy payments giants. These deals put COIN in position to benefit from further global crypto adoption.

Coinbase is arguably benefiting more from Donald Trump’s presidential victory than any other stock on Wall Street. President-elect Trump announced during his campaign that he plans to fire Stock Exchange CEO Gary Gensler on day one. Gensler is COIN’s number one enemy because he has failed to provide Coinbase with regulatory clarity on whether certain assets should be treated as securities or commodities.

Even though Trump has yet to set foot in the White House, investors are aggressively offering “alt coins” to gauge the future. For example, Ripple, a cryptocurrency that has been embroiled in legal disputes for years, is up more than 300% since the election.

The robust price action and high trading volume are key catalysts for Coinbase, which charges high commissions, ranging from 0.5% to 4.5% depending on the coin.

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