5 Best Blockchain Stocks to Buy

4. Coinbase Global, Inc. (NASDAQ:COIN)

Number of Hedge Fund Holders: 49

Coinbase Global, Inc. (NASDAQ: COIN) is the largest cryptocurrency exchange in the United States and it has a market capitalization of roughly $49 billion. Coinbase Global, Inc. (NASDAQ: COIN) is also known for not having physical offices and operating fully virtually. It offers products for all types of users such as retail and institutional, alongside partnering up with payment companies.

According to JMP Securities, Coinbase Global, Inc. (NASDAQ: COIN) is likely to lead the cryptocurrency economy’s charge into the mainstream markets. Miller Value Partners  had the following to say about Coinbase Global, Inc. (NASDAQ: COIN) in a fresh investor letter:

“Coinbase (COIN) became a public company in mid-April following their direct listing at a reference price of $250. Coinbase is a cryptocurrency exchange that allows consumers, financial institutions and businesses to transact between fiat and cryptocurrencies and securely store and use cryptocurrencies. We believe over the long term the company has the potential to be the leading technology platform in the growing cryptocurrency space.

COIN’s 2021 revenues are expected to be 4.5x its 2020 revenues as crypto prices and volumes have exploded. It trades at 30x this year’s earnings, which is quite a steal for a quickly growing company in this market. That’s because the market believes this is peak cycle revenues and earnings, and retail margins will be pressured. That all very well may be true, but we see significant potential for the business over the long term as the nascent industry continues to grow and COIN cements it’s position as the leading platform.”

Out of the 873 hedge funds polled by Insider Monkey by the end of the second quarter of this year, 49 had held a stake in Coinbase Global, Inc. (NASDAQ: COIN).