![]() ![]() ![]() “We are eager to cooperate and to share information about how our product services work," Grewal said. A source familiar with the situation told Yahoo Finance the company would plan to fight any staking-as-a-service charges from the agency. In August, Coinbase disclosed it had received several subpoenas from the SEC for various activities, including related to its staking program.Īsked whether Coinbase would fight any charges from the SEC directed to its staking program, Grewal said while it would be premature to say anything until the company faced such charges, it's seeking "a more transparent public process" to iron out rulemaking for the crypto activity. Shortly after the enforcement action against Kraken, SEC Commissioner Hester Pierce said in a dissenting opinion that "more transparency around crypto-staking programs like Kraken’s might well be a good thing," but added "staking services are not uniform." It's fully transparent," Grewal said Thursday night. There's no magic or there's no mystery about how that works. "We deduct a commission that we disclose in our terms of service. The Howey test says an investment contract exists if investors have a "reasonable expectation" of earning profits from the work of others. This industry currently has a Zacks Industry Rank of 70, which puts it in the top 28% of all 250+ industries.Grewal argued Coinbase's staking program is "fundamentally different" from what Kraken had run, and does not meet the Howey test's criteria of a security. ![]() The Securities and Exchanges industry is part of the Finance sector. is currently sporting a Zacks Rank of #3 (Hold). Within the past 30 days, our consensus EPS projection has moved 9.52% higher. The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. This model considers these estimate changes and provides a simple, actionable rating system. Investors can capitalize on this by using the Zacks Rank. Our research shows that these estimate changes are directly correlated with near-term stock prices. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability. Investors might also notice recent changes to analyst estimates for Coinbase Global, Inc.These revisions help to show the ever-changing nature of near-term business trends. Our most recent consensus estimate is calling for quarterly revenue of $648.93 million, down 19.72% from the year-ago period.įor the full year, our Zacks Consensus Estimates are projecting earnings of -$2.59 per share and revenue of $2.82 billion, which would represent changes of +78.11% and -11.56%, respectively, from the prior year. is projected to report earnings of -$0.78 per share, which would represent year-over-year growth of 84.24%. will be looking to display strength as it nears its next earnings release, which is expected to be August 3, 2023. Heading into today, shares of the company had gained 76.14% over the past month, outpacing the Finance sector's gain of 5.44% and the S&P 500's gain of 3.43% in that time.Ĭoinbase Global, Inc. Elsewhere, the Dow gained 0.01%, while the tech-heavy Nasdaq lost 1.37%. This change lagged the S&P 500's daily gain of 0.03%. (COIN) closed at $100.82, marking a -0.43% move from the previous day. In the latest trading session, Coinbase Global, Inc. ![]()
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