Wainwright double downgrades Coinbase on valuation concerns

** H.C. Wainwright downgrades cryptocurrency exchange Coinbase by two notches, to "Sell" from "Buy", citing outstripped valuation

** The valuation of COIN has gone beyond near-term fundamentals with stock gaining nearly 150% from its April lows, which the brokerage considers "overdone"

** We believe this is opportune time to take profits ahead of the company's 2Q earnings release on July 31 - H.C. Wainwright

** COIN has gained at an increased pace post stablecoin issuer Circle's (CRCL.O) blowout stock market debut and after the Senate passed the stablecoin bill - the GENIUS Act - in a watershed moment for the digital asset industry

** However, shares of Coinbase were up marginally in premarket trade, tracking Bitcoin's strength, as it hovers near the record high mark

** Seventeen of 34 brokerages rate COIN "buy" or higher, and 17 "hold"; their median PT is $292.50 - LSEG

** As of last close, COIN up over 50% YTD