Market News

Coinbase Blocks Over 25,000 Wallets Related to Russia — Report

In a blog post, cryptocurrency exchange platform Coinbase Global, Inc. (NASDAQ: COIN) said that it has blocked the wallets of over 25,000 addresses linked to Russian entities or individuals, according to a report published by Bloomberg. The company believes that these entities or individuals could be engaged in illicit activity.

The Chief Legal Officer of Coinbase, Paul Grewal, said, “Coinbase has banned access for sanctioned individuals and is using blockchain analytics to identify addresses potentially linked to them, which it also adds to an internal blocklist.”

COIN stock closed 2.8% down on Monday. However, it was trading 1.5% up in the pre-market session on Tuesday at the time of writing

On March 7, Will Nance from Goldman Sachs (NYSE: GS) maintained a Buy rating on the stock with a price target of $250 (55.1% upside potential).

Last month, Compass Point analyst Chris Allen reiterated a Hold rating on Coinbase and lowered the price target to $200 from $325 (24.1% upside potential).

In a research note to investors, Allen said, “The current crypto environment, as well as Coinbase’s expense outlook for 2022 factor in a much higher level of investment spend than earlier anticipated.”

Price Target

Overall, the stock has a Moderate Buy consensus rating based on 11 Buys, 2 Holds and 1 Sell. The average COIN price target of $305.31 implies 89.5% upside potential. Shares have lost nearly 51% over the past year.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Coinbase’s performance.

According to the tool, compared to the previous year, Coinbase’s website traffic registered an almost 39% decline in global visits year-to-date.

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