Don't assume Coinbase's stock will benefit from the bitcoin ETF, analysts say

Shares of Coinbase Global Inc. rallied Thursday after the much-anticipated regulatory approval of the spot bitcoin ETFs, but some analysts warn investors that the approval is actually bad news for the cryptocurrency exchange.“We think the approval of the bitcoin ETFs are potentially a lose/lose situation for Coinbase as we see a bitcoin ETF, if particularly successful, as a competitor to Coinbase,” J.P. Morgan analyst Kenneth Worthington wrote in a note to clients.Don’t miss: Bitcoin ETFs finally approved a ...