From Nasdaq:

The U.S. Securities and Exchange Commission (SEC) recently approved 11 spot Bitcoin ETFs, following a surge in applications on Jan 10. This comes after a 157% rise in Bitcoin in 2023. Coinbase Global, Inc. (COIN) is expected to benefit from this move due to its strong position in the cryptocurrency market.

COIN is the largest crypto-trading platform, known for its low transaction costs and extensive safety measures. As the custodian for 10 out of the 13 approved ETFs, COIN is set to see growing prominence and profit.

COIN is currently embroiled in legal battles with the SEC. However, approval for Bitcoin ETFs could lead to an upward trajectory for COIN’s stock.

Competitors like Cboe Global Markets, Inc. (CBOE), Interactive Brokers Group Inc. (IBKR), and Robinhood Markets, Inc. (HOOD) are also expected to see positive growth in light of the Bitcoin ETF approvals.

CBOE operates as an options exchange marketplace and digital currency trader, while IBKR executes, processes, and trades cryptocurrencies. HOOD is a financial services platform that allows users to invest in ETFs and cryptocurrencies.

All three companies carry Zacks Rank of 2 or 3 and are expected to experience growth in earnings for the current year.

Investors are advised to keep a close watch on these competitors as they gain more prominence.



Read more: 3 Stocks to Watch as Coinbase (COIN) Takes Centerstage