Barclays has upgraded both Coinbase and Robinhood to equal weight from underweight, stating that both companies have "matured meaningfully." Barclays believes that Coinbase could benefit from a friendlier regulatory environment following the US presidential election. The bank also mentioned that both companies have better business models. While the stocks of both companies initially rose, they later fell along with the decline in bitcoin and the broader crypto market. Barclays cited Coinbase's product expansion, positive financial outlook, and its increasingly diverse sources of income as reasons for the upgrade. However, the analysts warned of uncertainty in the space, including regulatory unclarity and the unresolved SEC suit against Coinbase. Barclays also highlighted positive developments in Robinhood's business model, such as new products and expansion in the UK and Europe.



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