Block’s Market Cap Exceeds Coinbase’s

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Block, Inc., the parent company of various subsidiaries such as Square, has surpassed Coinbase in market capitalization for the first time since March.

This comes as Coinbase’s stock has declined due to falling prices in the crypto market, making it their worst performing week of the year so far. In March, it was Coinbase who surpassed Block, Inc. in market capitalization.

According to analysts from investment bank Barclays, they have adjusted their stance on Coinbase from Under Weight to Equal Weight due to a maturing regulatory environment, diversification, and strong leadership.

However, Barclays has also lowered their price forecast for Coinbase’s shares to $169 from $206. Coinbase’s stock reached a high of $279.71 in March, but closed at $147.35 as of Friday.