JPMorgan Cuts Coinbase Price Target to $196 from $283 Over USDC Deal Concerns

COIN2.62%
USDC-0.04%
HYPE5.12%
According to JPMorgan analysts led by Kenneth Worthington, the bank cut Coinbase's price target to $196 from $283 on July 14, citing concerns over a revised USDC revenue-sharing agreement with Hyperliquid. Under the reworked arrangement, Coinbase now collects all reserve income from USDC held on Hyperliquid but pays 90% to the exchange, down from a roughly 50-50 split previously. JPMorgan estimates Hyperliquid holds approximately $6 billion in USDC, or 8% of the stablecoin's circulating supply.
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