Block, Inc., the company behind payments processor Square, music streaming service Tidal, and bitcoin funding initiative Spiral, has surpassed Coinbase in market cap for the first time since March.
Coinbase’s stock price fell this week amid the overall cryptocurrency market decline, marking its worst week of the year. According to data from The Block, Coinbase surpassed Block Inc. in market cap for the first time in March.
Meanwhile, Barclays analysts have downgraded their position on Coinbase from Under Weight to Equal Weight, according to Benzinga. Under Weight means the company is expected to underperform its peers over the next 12 months. Barclays argues that a maturing regulatory environment, steady diversification, and strong industry leadership show that the business is maturing into a stable source of revenue.
However, the bank also lowered its price prediction for Coinbase’s stock from $206 to $169. Coinbase’s stock hit a year-to-date high of $279.71 on March 25 and closed at $147.35 on Friday.
Coinbase narrowly won a victory last week when a New York judge ordered the SEC to grant access to certain documents related to the lawsuit between Coinbase and the agency, but the exchange’s attempt to subpoena SEC Chairman Gary Gensler was denied.
“While we may have withdrawn certain requests and the judge may have granted certain reasonable grounds, this order acknowledges the core of the discovery we have been seeking for months,” Paul Grewal, Coinbase’s chief legal officer, told The Block.
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