"Coinbase's Profitable Quarter and Stock Surge Spark Analyst Criticism and Polarizing Reactions"

J.P. Morgan analyst Kenneth Worthington criticizes Coinbase's lack of transparency regarding the earnings impact of its involvement in U.S. spot Bitcoin ETFs, expressing skepticism about the true monetization impact and its ability to outweigh potential loss of volumes in the spot markets. Despite the criticism, Coinbase's fourth-quarter earnings exceeded expectations, leading to a surge in its stock price and prompting some analysts to raise their price targets. Worthington, who had previously been bearish on Coinbase, upgraded the stock citing higher digital asset prices, but maintains a neutral rating with a 12-month price target of $95.