Morgan Stanley initiates Coinbase with Equalweight, takes neutral stance on crypto boom

Morgan Stanley $MS has initiated coverage of Coinbase $COIN with an Equalweight rating, signaling a cautious view despite the firm's record Q2 revenue. The analyst sees limited upside after the crypto exchange's recent gains, citing valuation concerns and regulatory headwinds in the digital asset space.

The call contrasts with retail enthusiasm for crypto platforms as institutional adoption remains uneven.