Coinbase (COIN) shares are up about almost 10% Friday while crypto platform Bakkt (BKKT) was rising almost 7% following news that Sam Bankman-Fried’s FTX had filed for bankruptcy protection. Coinbase initially fell almost 8% on the FTX bankruptcy news but has recovered strongly since then, as have shares of Bakkt.

Some analysts have noted how more regulated and transparent U.S.-based exchanges such as Coinbase could benefit from FTX's troubles.

Longer term, Coinbase can “take market share from FTX, and other opaque platforms within and outside of US,” Oppenheimer equity research analyst Owen Lau told clients in a note Thursday. Still, Lau lowered his price target on Coinbase given overall crypto industry headwinds.

Meanwhile, DA Davidson analyst Chris Brendler told CoinDesk the most significant thing for Coinbase is it seemed the company had avoided any direct exposure to FTX. But Brendler was also positive on Coinbase stock based on how the company is run. The fact that some of its competitors weren’t regulated and were based offshore gave them free rein to do whatever they wanted, including potentially using customer assets. “Coinbase, in my opinion, would never do that,” Brendler said.

In a Twitter thread earlier this week, Coinbase CEO Brian Armstrong emphasized how his platform operates in a safer manner. “We don’t do anything with our customers' funds unless directed to by the customer. We hold all assets dollar for dollar, and users can withdraw their money at any time,” Armstrong wrote.

Aoyon Ashraf contributed reporting to this article.

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