Nevertheless, there are some potential plays in equity markets, crypto exchange Coinbase (COIN) among them, according to Wall Street analysts. “At current ETH price/staked ETH we estimate COIN could generate $250MM revenue and $60MM contribution profit annualized,” said investment bank Cowen’s analysts led by Stephen Glagola in a Sept. 12 research note. However, he noted that the potential impact of the Office of Foreign Assets Control (OFAC) censoring transactions related to sanctioned addresses as a key risk factor on the exchange’s staking business. Coinbase CEO Brian Armstrong said on Aug. 18, that he prefers not censoring transactions to and from those addresses after the transition to proof-of-stake.
