Investing in Bitcoin Directly May Be Better Bet Than Coinbase: Mizuho

Posted on by American Coins & Gold

Investing in Bitcoin Directly May Be Better Bet Than Coinbase: Mizuho
Investors may be better off owning bitcoin directly versus buying shares of Coinbase Global (COIN) to avoid expected headwinds, including increasing competition and the ongoing “commoditization of cryptocurrency exchanges,” Mizuho Securities USA told clients in a note Thursday.Mizuho has a neutral recommendation on Coinbase shares and a $300 price target. Coinbase was recently trading at around $339 per share.Analyst Dan Dolev also said that yield compression continues to be a headwind for Coinbase, and “isn’t limited to one type of market condition.”Mizuho noted the performance of bitcoin and Coinbase have been similar since the latter’s first day of trading on…