01:51 PM EST, 01/17/2025 (MT Newswires) -- Coinbase Global ( COIN ) will report higher-than-expected trading revenues in Q4 2024, marking significant sequential and year-over-year growth, Oppenheimer said in an earnings preview on Friday.

The firm expects further revision to earnings estimates upward for 2025 and 2026, driven by higher trading volume, increased token prices and regulatory clarity, according to the note.

The brokerage said that Coinbase is the largest financial company not included in the S&P 500 and inclusion in the index by the end of Q1 will be a 'best-case scenario.'

Regulatory clarity, resulting from a pro-cryptocurrency environment, is expected to spur blockchain adoption beyond trading, with use cases in payments, remittance, identity protection, and tokenization.

"Bitcoin will continue to serve its scarcity narrative as digital gold, which to us is an insurance policy to [Federal Reserve] easing," Oppenheimer said.

Oppenheimer reduced its price target on Coinbase to $334 from $358 with an outperform rating.

Price: 296.87, Change: +15.24, Percent Change: +5.41