The recent upward revision of Coinbase Global's price target by Keefe, Bruyette & Woods to $275.00 has injected a wave of optimism into the market, boosting investor confidence in the cryptocurrency exchange's future performance. This aligns with a broader trend of positive analyst sentiment, which has been further supported by increased bullish options activity. The lively discussions on Reddit, particularly around Cathie Wood's ARK Invest selling Coinbase shares amid Bitcoin price fluctuations, highlight the mixed sentiment among retail investors. While some criticize Wood's strategy, others remain bullish on Coinbase's prospects, with predictions of further price increases.
The GraniteShares 2x Long Coinbase Daily ETF (CONL) has responded positively, rising 2.78% to $44.79 as of 12:20 PM on Friday, December 20.