12:37 PM EDT, 04/04/2024 (MT Newswires) -- Coinbase Global's ( COIN ) trading volume is likely to have risen 107% to $300 billion in Q1 amid the continued adoption of digital assets following the approval of spot bitcoin ETF in January, Oppenheimer said in a note Wednesday.

"More importantly, liquidity in this space has continued to increase," Oppenheimer analysts Owen Lau and Guru Sidaarth said, pointing to the rising average market capitalization of USDC.

The analysts raised their estimates for Q1 EPS to $1.24 from $0.09 and for revenue to $1.41 billion from $1.01 billion for Coinbase mainly because of the higher projected trading revenue.

They said market reaction to a beat in Q1 could be relatively muted after a great run recently.

"At this level of trading, we are cautious about the near-term volatility, but remain positive on the long-term adoption of blockchain technology," the analysts said. "We believe Coinbase can be one of the beneficiaries for this long-tern trend."

Oppenheimer kept its outperform rating on the stock while raising its price target to $276 from $200.

Price: 257.26, Change: +5.68, Percent Change: +2.26