Coinbase (NASDAQ:COIN) shares rose Thursday after the cryptocurrency exchange's price target was raised at Oppenheimer, and the company secured a restricted dealer license in Canada.
In a note, Oppenheimer analysts raised their target for the stock to $276 from $200, maintaining Coinbase at Outperform.
The firm told investors that the adoption of digital assets continued after the approval of spot Bitcoin ETF in January, and they estimate COIN's first-quarter trading volume will be up 95% quarter-over-quarter and 107% year-over-year to $300 billion.
"More importantly, liquidity in this space has continued to increase, with the average market cap of USDC increasing 12% QoQ to $28B (or $31B at 1Q24-end)," wrote Oppenheimer.
They added: "At this level of trading, we are cautious about the near-term volatility but remain positive on the long-term adoption of blockchain technology. We believe Coinbase can be one of the beneficiaries for this long-term trend."
Meanwhile, Coinbase reportedly told CNBC that it has been granted a registration license in Canada. The license allows the crypto company to build on its expansion abroad as it faces a regulatory crackdown in the US.
The firm reportedly told CNBC that it has been registered as a restricted dealer in Ontario under the Canadian Securities Administrators (CSA). The authorization means COIN now meets the strict requirements of Canadian regulators for crypto asset dealings, enabling it to operate legally within the country.