Coinbase Global's latest earnings were even weaker than expected, but with an eye toward next week's election and its effect on cryptocurrency markets, many analysts on Wall Street say the exchange is still a buy.
Coinbase also warned that an October drop in the price of ether could offset growth in nontrading revenue in the current quarter.
Coinbase tumbled as much as 8.6% in early trading Thursday, touching a low of $193.56.
The election outcome at one point was widely viewed as a key catalyst for the price of bitcoin.
On the earnings call, CEO Brian Armstrong said he expects to see "the most pro-crypto Congress ever" next year.
Persons:
Coinbase, Joseph Vafi, Genuity, Citigroup's Peter Christiansen, Christiansen, –, Brian Armstrong, Piper Sandler, Patrick Moley, — CNBC's Michael Bloom
Organizations:
Wall, White House, Citi, Canaccord, Bank of America, SEC
Locations:
U.S, .