Coinbase Global Inc’s (NASDAQ:COIN) second quarter earnings will beat market estimates, according to analysts at Goldman Sachs, who have labelled the crypto exchange one of their top 25 tactical trades.
According to a Coindesk report, the investment bank said in a memo overnight that the recent spate of negative headlines around crypto could paradoxically help drive better than expected earnings at Coinbase as “significantly elevated crypto asset volatility” leads to higher trading volumes through which the firm derives fee income.
As a result, the bank said even if Bitcoin prices remained low, Coinbase users wishing to sell to cut their losses will simply result in higher fee-based revenues.
Goldman also previously flagged that some investors may begin reengaging with the company following its lacklustre performance since listing in April, with the shares currently down around 28% from their peak of US$342 on April 16.
In pre-market trading in New York on Tuesday, Coinbase shares were up 0.9% at US$250.
Story by ProactiveInvestors
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