as institutional and retail clients get value from staking ether , JPMorgan analyst Kenneth Worthington told clients in a note.
JPMorgan estimates that Coinbase has a 15% market share in ETH assets, which trumps its 7% share of the overall crypto ecosystem. Worthington says Coinbase’s market share is probably tilted toward institutions, which are more likely to own ETH and bitcoin , whereas retail customers may “traffic more in the more speculative tokens.”
The bank further estimates that Coinbase can generate an incremental annual staking revenue of $650 million from the Merge, with ETH at $2,000 and a 5% yield. The exchange began offering Ethereum staking for institutional clients earlier this month. “Coinbase is bigger in [ether] than was intuitive to us, thus leading directly to a bigger revenue opportunity,” the bank wrote. JPMorgan has a neutral rating and $64 price target on Coinbase shares, which closed Tuesday at $90.39.
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coinbase mikeybellusci Those who support a decentralized network will always win...
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