JPMorgan Analyst Criticizes Coinbase's Lack of Insights Into Its ETF Business

Even though the launch of the ten spot bitcoin (BTC) exchange-traded funds (ETFs) contributed to Coinbase’s better-than-expected fourth-quarter earnings, analyst at J.P. Morgan is skeptical if the benefits are as strong as the exchange makes them seem. “Management touted its involvement in the U.S. spot Bitcoin ETF as a net positive, but we’re still uncertain of its true earning impact as we see both positives and negatives,” J.P. Morgan analyst Kenneth Worthington wrote in a note on Friday. He specifically criticized the company’s lack of clarity around the business, which...