Barclays lowers Coinbase's target price, and Square's parent company Block Inc. surpasses Coinbase in market value

ChainCatcher news, Block Inc., the company behind subsidiaries such as payment processor Square, music streaming service Tidal, and Bitcoin financing company Spiral, has seen its market value surpass Coinbase for the first time since March.

Coinbase's stock price fell last week, marking its worst week of the year to date. According to data from The Block, in March of this year, Coinbase's market value first exceeded that of Block Inc.

According to Benzinga, analysts at investment bank Barclays have adjusted their rating on Coinbase from "Under Weight" to "Equal Weight," indicating that the company is expected to perform below its industry peers over the next 12 months. Barclays believes that a mature regulatory environment, stable diversification, and strong industry leadership suggest that the company's business is maturing and revenue is reliable. However, the bank also lowered its price target for Coinbase stock from $206 to $169.