In the second quarter, Granite Bay Wealth Management LLC increased its ownership of Coinbase Global, Inc. (NASDAQ:COIN), as the company disclosed in its most recent 13F filing with the Securities and Exchange Commission. The fund paid roughly $5,476,000 for 23,800 shares of the bitcoin exchange’s equity.
Other major investors have also recently bought and sold shares of the company. During the fourth quarter, Wells Fargo & Company MN increased its ownership of Coinbase Global shares by 25.1%.
After purchasing an additional 9,194 shares during the period, Wells Fargo & Company MN now has 45,785 shares of the cryptocurrency exchange’s stock, valued at $7,963,000. During the fourth quarter, Franklin Resources Inc. grew its stake in Coinbase Global by 18.4%.
After purchasing an additional 1,156 shares during the period, Franklin Resources Inc. currently owns 7,447 shares of the cryptocurrency exchange’s stock, valued at $1,295,000. During the fourth quarter, Hsbc Holdings PLC increased its holdings of Coinbase Global shares by 540.4%.
After purchasing an additional 37,954 shares in the most recent quarter, Hsbc Holdings PLC now has 44,977 shares of the cryptocurrency exchange’s stock valued at $7,829,000. In the fourth quarter, TD Asset Management Inc. increased its holdings of Coinbase Global shares by 304.4%.
TD Asset Management Inc. purchased an additional 64,897 shares of the cryptocurrency exchange’s stock during the period, bringing its total ownership to 86,218 shares, valued at $14,995,000.
Lastly, during the fourth quarter, Alberta Investment Management Corp. increased its ownership of Coinbase Global shares by 34.3%.
After purchasing an extra 1,200 shares in the most recent quarter, Alberta Investment Management Corp currently has 4,700 shares of the cryptocurrency exchange’s stock, valued at $817,000. Hedge funds and institutional investors hold 68.84% of the company’s stock.
Changes in Analyst Ratings
The introduction of new spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) in January has received positive responses from investors.
They may have been one of the most anticipated new product launches on Wall Street in almost thirty years. They represent a turning point for the cryptocurrency market, as Bitcoin investing is beginning to gain traction.
However, there are already a ton of ETF options available besides the recently introduced Bitcoin ETFs. Investment firms are submitting paperwork to the Securities and Exchange Commission (SEC) for new crypto ETFs, indicating a likely release of numerous new ETF investment products in 2025. Therefore, what should we expect?
Identify ETFs for alternative cryptocurrencies.
The market was full of expectations when the SEC approved spot Bitcoin ETFs, as traders wondered which cryptocurrency would be the next.
Not surprisingly, Ethereum (CRYPTO: ETH) set the standard. The new spot Ethereum ETFs opened for trading in late July, almost six months after the introduction of the Bitcoin ETFs.
Even though there hasn’t been as much talk and excitement surrounding these Ethereum ETFs as there has been around Bitcoin ETFs, investors still have the opportunity to diversify even more inside the cryptocurrency asset class.
The iShares Ethereum Trust (NASDAQ: ETHA) is currently the most popular Ethereum ETF. This makes sense considering that the iShares Bitcoin Trust (NASDAQ: IBIT) is the most well-liked Bitcoin ETF.
Which cryptocurrency is going to receive an ETF next? The most promising options are cryptocurrencies with enormous market capitalizations, fervent fan bases among individual investors, and particular risk/reward characteristics that draw in institutional investors.
In my opinion, Solana (CRYPTO: SOL) is still the cryptocurrency that has the best chance of receiving a new spot ETF in 2025. Given the recent approval of a Solana ETF in Brazil, it is likely that the U.S. market will follow suit.
Additionally, one can obtain information regarding potential spot ETFs in 2025 by monitoring Grayscale’s new product launches in the cryptocurrency space.
Grayscale is a company that consistently establishes new trusts for particular cryptocurrencies. The concept is that these trusts, akin to Grayscale’s Bitcoin and Ethereum trusts, could potentially evolve into spot ETFs in the future.
The September introduction of a new Grayscale trust for XRP (CRYPTO: XRP) garnered media attention due to its frequent mention as a potential spot ETF choice for XRP.
Investors in ETFs should be warned.
Although the popularity of spot ETFs among institutional and retail investors is encouraging, it’s important to remember that not all recently launched cryptocurrency ETFs are spot ETFs. Many of them use financial instruments like derivatives to meet certain performance targets.
The new leveraged and inverse Bitcoin ETFs, which allow investors to place even larger wagers on the future trajectory of Bitcoin, would fall under this category, in my opinion.
This is like playing with fire, and you could burn yourself. The new leveraged and inverse ETFs, for instance, follow changes in Bitcoin daily rather than over an extended period. And instead of making direct Bitcoin investments, they do so using derivatives.
These leveraged and inverse ETFs may gain popularity if there is a significant up or downswing in the price of Bitcoin. Fear and greed are strong emotions.
For the time being, most investors should stick to spot Bitcoin ETFs, which invest exclusively in Bitcoin, and avoid becoming confused with all the new ETFs that incorporate derivatives.
A look ahead to 2025
What other unforeseen events could we expect in 2025? The election of a bitcoin-supporting president could lead to the creation of an exchange-traded fund (ETF) named “USA Bitcoin”, which would exclusively hold domestically mined digital currency.
What about an ETF that offers to purchase one million bitcoins for the US government and is connected to the establishment of a new strategic Bitcoin reserve?
Additionally, the introduction of new derivatives based on current spot ETF products seems highly likely. For instance, the SEC recently permitted options trading on the iShares Bitcoin Trust.
Options trading on Bitcoin is already possible, but now it’s possible with the iShares Bitcoin ETF. This will give institutional investors more Bitcoin exposure management options, potentially attracting more investors.
Now that the crypto ETF genie is out of the bottle, there’s no going back. Hedge funds, institutional investors, and ordinary investors have already embraced the new spot Bitcoin ETFs. It is reasonable to assume that in 2025 they will become even more mainstream.
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Coinbase International Stock Results
On Tuesday, Coinbase Global’s stock opened at $178.17. The 200-day moving average for the company is $218.43, while its 50-day moving average is $190.02.
With a twelve-month low of $70.41 and a twelve-month high of $283.48, Coinbase Global, Inc. has a $43.75 billion market capitalization.
The stock has a 35.56 price-to-earnings ratio and a 3.36 beta. The company’s debt-to-equity ratio is 0.51, its quick ratio is 1.03, and its current ratio is also 1.03.
