Goldman Sachs is Showing Interest in Purchasing Coinbase Stocks

Goldman Sachs has a controversial history with Bitcoin and the cryptocurrency world. For a long time, the traditional financial institution was not averse to the idea of cryptocurrency. Later on, the bank made its peace with the digital asset market due to its customers’ increasing interest. The bank researched to find out that what percentage of customers are interested in raising stakes in cryptocurrency and found that it was really popular among the younger generation.

Later on, the bank added a significant amount of cryptocurrencies to its balance sheets and even filed for a Bitcoin ETF approval. It has also successfully reopened its localized digital asset trading desk. Both traditional and non-traditional financial institutions noted the historic public listing on Coinbase. Some reports also suggest the Goldman Sachs played an important part in assisting with the direct listing process in April. Now the financial giant has sent a signal to purchase Coinbase stocks.

Coinbase Public Listing: Tale of Success and Regression

Coinbase is one of the largest cryptocurrency exchange platforms in the world based in the United States. In April, the company decided to go live on the stock blinker with its new stock named COIN. Coinbase has been listed on the stock exchange by NASDAQ, the parent company of NYSE. The COIN reached a peak evaluation of almost $430, giving the company a market cap of $110 billion. This price is higher than many blue chips that are listed on NASDAQ for decades.

However, when Bitcoin price crashed down to the lows of $30K, it also harms Coinbase stocks. At present, the COIN is trading 30% down from its ATH valuation. However, Goldman Sachs management has made a call for signaling purchasing Coinbase stock at $306. Analysis shows that the bank analysts are positive about a short-term appreciation of the COIN. Even though the same cannot be claimed about its long-term evaluations and stability.

It is not a secret that the crypto market is in a bit of a pickle. While many are optimistic about an ongoing bull run, others are flustered. Many crypto exchange stocks are taking the heat emitting from the dwindling crypto markets. As China has once again decided to crack down on cryptocurrencies, the Asian exchange stocks are flickering with a dim light.

Huobi is one of the largest crypto exchange markets in Asia. The Hong Kong-based Technologies company stock has crashed 22% and opened with a bear tendency this week. Meanwhile, OKEx, the daughter company of OKB Technology Holdings, has gone down by 15%. Nevertheless, both of these company stocks are higher 136 and 51 percent simultaneously in comparison to their opening prices at the beginning of the year.