Coinbase downgraded to Hold at Erste Group on bitcoin ETF risk

Erste Group downgraded Coinbase (COIN) to Hold from Buy. While Coinbase is benefiting from the increasing spread of cryptocurrencies, the increasing supply of low-cost bitcoin ETFs is jeopardizing “lucrative” private customer revenues that are an important source of income and replacing this business with ETF providers will “significantly” reduce profitability, the analyst tells investors.