British banking giant Barclays has upgraded both Coinbase (COIN) and Robinhood (HOOD) to equal weight from underweight, citing better business models. Both company's stocks opened the day higher on Friday after the report was sent out overnight, though they later dropped more than 3% as bitcoin (BTC) and the broader crypto market fell.

According to Barclays analyst Benjamin Budish, both companies have "matured meaningfully," particularly because of their product expansion and more positive financial outlook. Coinbase, in particular, could profit from a friendlier regulatory environment, given that both presidential candidates have taken an increasingly friendly stance towards the digital asset industry.

Budish applauds Coinbase for keeping costs low, specifically related to its workforce even as activity has picked up in 2024. He also mentioned Coinbase's increasingly diverse sources of income, with the exchange seeing other areas of the business become a meaningful contributor, including Blockchain rewards, custody revenues and other transaction fees.

Source: https://www.coindesk.com/markets/2024/09/06/coinbase-robinhood-upgraded-by-barclays-analyst-citing-matured-business-models/

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