Jack Dorsey’s Block Overtakes Coinbase in Market Value”

Block, Inc., the parent company of Square, Tidal, and Spiral, has recently surpassed Coinbase in market capitalization for the first time since March.

Coinbase’s stock has faced a significant drop this week, marking its worst performance of the year, amid a broader decline in the crypto market.

Earlier this year, Coinbase overtook Block Inc. in market value, but recent data from The Block shows a reversal. Barclays has adjusted its outlook on Coinbase from Underweight to Equal Weight, citing a more stable regulatory environment and strong industry leadership.

However, Barclays also lowered its price target for Coinbase shares from $206 to $169.

Coinbase’s stock, which reached a peak of $279.71 on March 25, closed at $147.35 on Friday. Last week, Coinbase achieved a minor legal victory when a New York judge ordered the SEC to provide certain documents related to its ongoing litigation, though the attempt to subpoena SEC Chair Gary Gensler was denied.

Coinbase’s Chief Legal Officer, Paul Grewal, emphasized the importance of the discovery order in a statement.