Coinbase Global (NASDAQ:COIN) shares have surged over 220% from a year ago as investors speculated that the crypto exchange will benefit from spot bitcoin (BTC-USD) exchange-traded funds. Well, such products now are underway in the U.S., and analysts are split on the potential impact.

Mizuho's Dan Dolev doesn't think Wednesday's approval of 11 ETFs that invest directly in bitcoin (BTC-USD) will be a boon for Coinbase (COIN), calling it a "pyrrhic victory" for the exchange.

While Coinbase (COIN) has a key role in most of the greenlit ETFs, acting as an issuer or custodian, Dolev thinks potential upside to its revenue from the products "may be more muted than thought," he wrote in a recent note. He's calling for just 1%-2% benefit from custody fees and 5%-10% total benefit should the ETFs drive further spot bitcoin (BTC-USD) trading.

"We expect fundamentals to serve as a painful reality check in coming quarters," the analyst contended.

On a more bullish front, Wedbush analyst Moshe Katri believes Coinbase's (COIN) future results are bound to benefit from The SEC’s Bitcoin ETF approvals, in addition to separate factors like "recent legal/financial woes impacting" peers like Binance.

Aside from collecting custodian fees and ancillary-related fees, Katri added, the ETF approvals will enable Coinbase (COIN) to expand active institutional accounts, as the ETFs "will likely expand institutional involvement in the sector."