Coinbase Is Losing Crypto Market Share to Robinhood, Mizuho Says

Coinbase Global Inc.’s horde of retail cryptocurrency traders may be turning to Robinhood Markets Inc., according to one analyst.

Mizuho Securities analyst Dan Dolev argues that data from April indicates the firm may be losing market share in retail crypto transaction volume to Robinhood, the trading app that became prominent for its appeal to at-home stock traders.

“There is no perfect explanation for potential share losses aside from worries about regulatory pressures given SEC actions against crypto, or the increase in small-ticket item retail trading fees at Coinbase,” Dolev wrote.

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