Coinbase initiated with an Outperform at William Blair

William Blair initiated coverage of Coinbase (COIN) with an Outperform rating. The firm views the crypto industry as “nascent, rapidly evolving, and poised for durable above-average growth,” measured by token market capitalization and transaction volume. Crypto’s “time on the fringe is ending,” replaced by an era of consistent regulation and expanding use-cases with the ultimate potential to supplant the traditional global financial system, the analyst tells investors in a research note. Blair believes Coinbase’s leadership creates an inherent advantage, and views the stock as the best way for growth investors to participate in a “crypto renaissance.” It believes the company’s solutions constitute the most comprehensive crypto services portfolio, underpinned by security and trust.