Wall Street is still too optimistic about Coinbase, BofA says, despite exchange cutting 35% of its staff since June

Wall Street may still be too upbeat about the year ahead for Coinbase and crypto overall, BofA analysts said on Wednesday.

Transaction volumes on the cryptocurrency exchange Coinbase Global Inc. were weak last month — the first since rival FTX’s collapse — but Wall Street still might be too upbeat about the year ahead for the company and for crypto overall, BofA analysts said on Wednesday.

“Given the volatile crypto environment, we think it will be challenging for shares to tolerate a significant downward revision to consensus estimates,” the analysts said in a research note on Wednesday. The analysts cut their fourth-quarter transaction-volume estimates for Coinbase to $142 billion, from $156 billion. They also lowered their transaction-revenue estimates for that quarter to $321 million, from $352 million.

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