The Coinbase (Coin) partnership with Circle (CRCL) and the exposure to the Stablecoin USDC de Circle generates a significant financial increase, both by the appreciation of actions and the sources of income with high margin, according to a new report by the Wall Street JPMorgan Bank.
The total value of the economy linked to the circle to Coinbase shareholders is estimated from 55 to 60 billion dollars, said the bank, which suggests that the market could underestimate the strategic importance of the USDC ecosystem.
The Crypto Exchange holds 8.5 million shares in a circle, worth 1.6 billion dollars on July 25. The broader history lies in the USDC income, however, according to the report.
In the first quarter of this year only, Coinbase won about $ 300 million in Circle distribution payments, more than the total net turnover of Circle of $ 230 million.
The bank estimated that Coinbase had $ 13 billion in USDC sales on the platform at the end of the first quarter, generating revenues of $ 125 million to margins of 20 to 25%.
Off-Plateforme, Coinbase shares the income from the Circle Reserve Fund 50/50, drawing $ 170 million in the last quarter to almost 100%, added the report.
The bank has a neutral note on Coinbase shares with a price target of $ 404. Actions were around $ 381 at the start of negotiations on Tuesday.
Read more: Coindcx rejects the report on the acquisition talks of Coinbase
