Shares of Coinbase (COIN) spiked 6.8% after the company announced its partnership with ForUsAll, a 401(k) advisor, to offer crypto investments for retirement accounts. Coinbase provides a platform where people invest, store, spend, earn and use crypto assets. Coinbase operates in more than 100 countries. (See Coinbase stock analysis on TipRanks)
The partnership will allow the clients of ForUsAll to invest up to 5% of their folios in cryptocurrencies. The two will work under the Alt 401(k) platform to offer more than 50 cryptocurrencies in which people can invest in order to bolster their retirement nests.
Meanwhile, New York Post has reported that Coinbase is opening its first New York Office. The company has subleased 30,000 square feet from Point72 Asset Management as it moves to set base in the Big Apple.
Consensus among analysts is a Moderate Buy based on 10 Buys, 4 Holds, and 1 Sell. The average analyst Coinbase price target of $388.9 implies 62.6% upside potential from current levels.
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