27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
Crypto exchange Coinbase Global Inc (NASDAQ:COIN) is spreading its wings overseas and an analyst sees this as an incrementally positive development for the exchange, as well as its stock.
The Coinbase Analyst: Oppenheimer analyst Owen Lau has an Outperform rating and a $444 price target for Coinbase shares.
The Coinbase Thesis: Coinbase announced Wednesday it is launching a crypto exchange business in Japan, in partnership with Mitsubishi UFJ Financial Group, analyst Lau said in a note.
The partnership allows users to deposit money through MUFG Quick Deposit to purchase crypto, the analyst noted. Quick Deposit, the analyst said, allows users to make yen deposits 24 hours a day/365 days a year through internet banking, convenience stores and ATMs.
Coinbase will initially launch retail products such as a suite of five top assets based on trading volume, Lau said. Down the line, the exchange will add new products including more localized versions of advanced trading and Coinbase for institutions, he added.
Related Link: Coinbase Is A Leading Driver, Beneficiary Of Cryptocurrency Economy: JPMorgan
Lau said Japan is only the first stop in Coinbase's international expansion strategy and Germany will likely be next.
Coinbase obtained a crypto license in Germany and its subsidiary was awarded a crypto custody and trading license from the German Federal Financial Authority, the analyst noted.
Coinbase's international expansion strategy presents a meaningful opportunity and upside to the stock if it goes well, Lau said.
"With an increasing serviceable addressable market and continued crypto adoption, Coinbase is well-positioned to become an enabler of crypto innovation," the analyst said.
Coinbase Price Action: At last check Thursday afternoon, Coinbase shares were up 0.76% at $246.24.
Related Link: Coinbase Analyst: Crypto Exchange Is 'One-Stop Shop' With Underappreciated Monetization Potential
Photo: Coinbase
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!