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OFFON

COINBASE GLOBAL, INC.

(COIN)
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Real-time Estimate Quote. Real-time Estimate Cboe BZX - 11/30 11:41:52 am
318.9 USD   -0.15%
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

El Salvador adds nearly $25 mln in bitcoin to state coffers, says president

10/27/2021 | 06:59pm EST

SAN SALVADOR, Oct 27 (Reuters) - The Salvadoran government acquired 420 more bitcoin on Wednesday, President Nayib Bukele announced on social media, as the Central American doubled down on its splashy cryptocurrency experiment.

The latest purchase of bitcoin, worth nearly $25 million at current prices, marks the first government acquisition of the cryptocurrency since Sept. 20, when Bukele said it had bought 150 bitcoins.

"It was a long wait, but worth it. We just bought the dip! 420 new bitcoin," Bukele wrote in a post on Twitter in English.

The cryptocurrency currently trades at just above $59,000 per bitcoin.

Earlier last month, El Salvador became the first country in the world to adopt bitcoin as legal tender alongside the U.S. dollar, which Bukele has argued will lower the cost of remittances from Salvadoran migrants living overseas.

Traditional banks and other financial institutions typically charge hefty fees to process the money transfers.

Overall, El Salvador's treasury holds 1,120 bitcoin, according to official data, worth nearly $66 million.

The impoverished country's economy is heavily dependent on around $6 billion in remittances sent home each year, or about a quarter of gross domestic product, with around one fifth of households dependent on the cash infusions. (Reporting by Gerardo Arbaiza; Writing by David Alire Garcia Editing by Sonya Hepinstall)


ę Reuters 2021
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Analyst Recommendations on COINBASE GLOBAL, INC.
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Financials (USD)
Sales 2021 7 373 M - -
Net income 2021 3 187 M - -
Net cash 2021 4 560 M - -
P/E ratio 2021 24,2x
Yield 2021 -
Capitalization 68 734 M 68 734 M -
EV / Sales 2021 8,70x
EV / Sales 2022 8,59x
Nbr of Employees 2 781
Free-Float 70,8%
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Technical analysis trends COINBASE GLOBAL, INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 319,39 $
Average target price 380,08 $
Spread / Average Target 19,0%
EPS Revisions
Managers and Directors
Brian Armstrong Chief Executive Officer & Director
Alesia J. Haas Chief Financial Officer
Fred Ehrsam Director
Frederick R. Wilson Director
Kathryn Haun Director
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