Coinbase Trading Volume Slows Further as Crypto Winter Continues: Berenberg “We continue to view COIN’s consumer take rate as being at risk of compression due to competition for market share within a lower volume crypto space,” the bank said.

MicroStrategy’s Large Bitcoin Impairment Losses Have Given a False Impression: Berenberg FASB accounting rule changes should help companies that hold digital assets to eliminate the poor optics that have been created by impairment losses, the report said.

SEC Could Prepare Alternative Arguments to Reject Spot Bitcoin ETFs: Berenberg Coinbase’s potential involvement in spot bitcoin ETFs could serve as part of the SEC’s reconfigured arguments for rejecting the applications, the report said.

Ripple Ruling Rebuke Complicates Coinbase’s Defense Against the SEC: Berenberg U.S. District Judge Rakoff rejected a previous judge’s distinction between institutional sales and sales to retail investors on crypto exchanges, the report noted.

Coinbase Earn Is Particularly Vulnerable to Being Defined as a Security: Berenberg The crypto exchange is still faced with significant regulatory challenges, the report said.

Coinbase Rally on the Back of XRP Court Ruling Is Overdone: Berenberg The surge in the crypto exchange’s share price was driven largely by investors who saw the decision as a representing a rejection of the SEC’s argument in the lawsuit it filed against Coinbase in June, the report said.