Financial Technology Stocks Q2 Teardown: LendingTree (NASDAQ:TREE) Vs The Rest

Coinbase has integrated Deribit, allowing US institutions to access its global crypto derivatives markets. The move, enabled by CFTC guidance, combines Coinbase's international derivatives business with Deribit. US institutional clients can now trade options and perpetual futures through Coinbase Prime and Coinbase Financial Markets, with US retail access expected later this year.

Coinbase has integrated Deribit, enabling eligible US customers to access global crypto derivatives markets through its CFTC-regulated unit. The move aims to provide US traders with regulated access to 80% of global crypto trading volume. Options trading for institutional and retail clients will roll out in phases.

Bitcoin (BTC) fell 3% to $83,000, causing liquidations of $696M. Coinbase (COIN), Robinhood (HOOD), and Strategy (MSTR) stocks declined. Analysts note low trading volume and potential for further moves if BTC stays below $81,000 or rises above $85,500.

Coinbase Global received CFTC approval for its derivatives clearing unit, allowing it to operate in the US market. This could shift its revenue mix toward higher-value derivatives infrastructure. Analysts project 11.3% revenue growth annually and a swing to profitability by 2029, with a consensus price target of $208.73, implying a 9.8% upside from the current share price of $188.22.

Coinbase Global (COIN) shares fell 3.7% Wednesday. Barclays raised its target to $149 but kept an 'Underweight' rating, citing lower long-term estimates. Goldman Sachs increased its target to $244 with a 'Buy' rating, citing cost control and potential regulatory benefits. COIN is down 17% YTD and 51% over 12 months.

Goldman Sachs raised its price target for Coinbase Global to $244 from $219. Separately, Barclays increased its target to $149 from $95. Coinbase's stock is down 3.58% on the day and 20.46% over the past year.