The brokerage firm lifted its rating on the crypto exchange’s shares to market perform from underperform.

The investment bank almost doubled its price target on the stock to $1,810 from $975, highest among Wall Street analysts.

Spot bitcoin ETF inflows have surpassed expectations, the broker said in the report.

Positive drivers such as spot ETF inflows are likely to meet some important macro and technical headwinds in the coming weeks, the report said.

Products would be available to professional investors while retail consumers remain banned, the regulator said.

The bank lifted its rating on the stock after bitcoin hit record highs and the crypto exchange’s trading volume reached levels not seen since 2021.

The bitcoin spot ETF market could grow to around $62 billion in the next two to three years, the report said.

The upgrade is the first step toward enabling the network’s rollup-centric roadmap, the report said.

Deutsche Boerse will operate the trading venue, and Crypto Finance will provide settlement and custody services.

As the protocol evolves, new layers could emerge bringing new use cases and more users, the report said.