Why Bitcoin ETFs Are Bad News for Coinbase (COIN) Stock

Despite growing anticipation behind the U.S. Securities and Exchange Commission’s (SEC) recent approval of Bitcoin (BTC-USD) exchange-traded funds (ETFs), not everyone is so keen on the launch, as evident from JPMorgan’s recent downgrade of Coinbase (NASDAQ:COIN) stock. Indeed, on Monday, the investment bank released a report arguing that the launch of spot Bitcoin ETFS may come to the disappointment of investors. “While we continue to see Coinbase as the dominant U.S. exchange in the crypto ecosystem and a ...