Compass Point has downgraded Coinbase (COIN) to a “Sell” rating, trimming its year-end price target from $330 to $248 following disappointing second-quarter results and what analysts call a stretched valuation.

Bullish, the crypto exchange that owns CoinDesk, is aiming to raise up to $629 million in a U.S. IPO, according to a regulatory filing on Monday.

The Commodity Futures Trading Commission (CFTC) will allow spot crypto asset trading on federally registered futures exchanges, the agency announced Monday.

Top stories in the Crypto Roundup today:

• Compass Point Downgrades Coinbase to ‘Sell’ 
• Crypto Firm Bullish Seeks $629M in IPO
• CFTC to Allow Spot Crypto Trading on Registered U.S. Exchanges

Compass Point Downgrades Coinbase to ‘Sell’ Amid Weak Earnings, Crypto Slowdown

Compass Point has downgraded Coinbase (COIN) to a “Sell” rating, trimming its year-end price target from $330 to $248 following disappointing second-quarter results and what analysts call a stretched valuation.

Shares of Coinbase are hovering around $316 after falling 18% last week. But the brokerage expects more downside, pointing to softening retail demand, weak subscription revenues, and growing competition from stablecoins and DeFi platforms.

Subscription and services revenue fell short of expectations, with Compass Point highlighting a sharp decline in Coinbase One and tech fee income.

Analysts also flagged regulatory uncertainty. The much-discussed CLARITY Act, aimed at overhauling U.S. crypto market structure, is unlikely to pass this year, the firm said.

Coinbase’s push into stock trading isn’t expected to move the needle either, given stronger competitors like Robinhood.

Crypto Firm Bullish Seeks $629M in IPO

Bullish, the crypto exchange that owns CoinDesk, is aiming to raise up to $629 million in a U.S. IPO, according to a regulatory filing on Monday.

The company plans to offer 20.3 million shares at $28 to $31 each, targeting a $4.2 billion valuation. BlackRock and ARK Investment Management are eyeing up to $200 million worth of shares at the IPO price.

Bullish, which focuses on institutional crypto trading, reported a $348.6 million loss in Q1, down sharply from a $104.8 million profit a year earlier. The firm plans to list on the NYSE under the ticker BLSH.

CFTC to Allow Spot Crypto Trading on Registered U.S. Exchanges

The Commodity Futures Trading Commission (CFTC) will allow spot crypto asset trading on federally registered futures exchanges, the agency announced Monday.

The decision, made in coordination with the SEC under a joint initiative called “Project Crypto,” enables trading of assets like bitcoin and ether, not just derivatives, on regulated platforms.

State of the Crypto by Top Tier Exchange Volume

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