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Mizuho cuts price target for certain crypto trading platform from $26 to $12, down more than 50%

Daily Crypto News

2026-03-23 23:01:34

Gate News, March 23 — Mizuho, an investment bank, significantly lowered the target price for a certain crypto trading platform from $26 to $12, a decline of over 50%, mainly due to weak trading performance which offset the positive effects of credit card business growth. Analysts Dan Dolev and Andrew Jenkins pointed out that declining crypto asset prices and reduced trading volume are expected to limit the platform's short-term revenue growth. Although the company's card business continues to expand, it is not enough to offset the decline in core trading revenue. The report also mentioned that the platform's revenue structure is changing, with service-based income expected to account for nearly half of total revenue. Additionally, the overall exchange valuation multiples have compressed, impacting the target price adjustment. Market data shows that the platform's stock price previously dropped to a historic low of $5.50, then slightly rebounded.

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