Bank of America analyst Jason Kupferberg upgrades Coinbase Global (NASDAQ:COIN) to Buy from Neutral amid signs that the crypto exchange's revenue is diversifying beyond retail crypto trading, "a trend we think could accelerate in '22 and beyond." Subscription & services revenue made up 12% of total net revenue in Q3 2021, up from 4% in '20, and BofA forecasts will account for 16% of total revenue in 2023. Kupferberg sees a combination of offering likely driving the trend: staking (blockchain rewards), its earn campaign (where users earn crypto for learning more about crypto), its yet-to-be-launched NFT platform, and decentralized finance products. Kupferberg's analysis of Sensor Tower data suggests the potential for significant upside to Coinbase's (COIN) Q4 guidance as Coinbase app download growth, which strongly correlates with average revenue per user ("ARPU"), jumped to 312% vs. 127% in Q3 2021. The analyst raises his Q4 ARPU estimate to $45 from
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