5 Best Cryptocurrency Stocks To Buy Now

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

Number of Hedge Fund Holders: 46

Coinbase Global, Inc. (NASDAQ:COIN) provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company operates one of the largest crypto exchange platforms in the world and is, therefore, one of the best cryptocurrency stocks to buy now.

On May 10, Coinbase Global, Inc. (NASDAQ:COIN) posted results for the fiscal first quarter of 2022. The company reported a loss per share of $1.26 and missed expectations by $2.17. The company’s quarterly revenues came in at $1.17 billion, down 35.24% year over year, missing estimates by $309.61 million. Regardless, the stock is attracting bullish ratings and the company is also witnessing insider purchases. On May 17, it was reported in a regulatory filing that one of the company’s directors, Frederick Ehrsam, purchased over 0.70 million shares of common stock on May 13 in an all-cash transaction of $50 million.

On May 26, Cowen analyst Stephen Glagola initiated coverage of Coinbase Global, Inc. (NASDAQ:COIN) with an Outperform rating and an $85 price target.

At the end of the first quarter of 2022, 46 hedge funds held stakes in Coinbase Global, Inc. (NASDAQ:COIN). The total stakes of these funds in the company were valued at $2.32 billion. Of these, the largest stakeholder was Catherine D. Wood’s ARK Investment Management whose stakes, as of March 31, 2022, are valued at $1.32 billion in the company. ARK Investment Management upped its prior stakes by 29%, and the investment covers 5.53% of its 13F portfolio.

Here is what Longleaf Partners Fund had to say about Coinbase Global, Inc. (NASDAQ:COIN) in its fourth-quarter 2021 investor letter:

“We also have seen plenty of IPO/SPAC craziness showing both that private players need public markets more than they admit and that there is more volatility embedded in these newer companies than a private quarterly mark might admit. As for how efficient both the private and public markets are, we would encourage you to really delve into some of those multi-hundred-page S1s for many of the newest public companies to see the huge gap between the last valuation at which the company was funded and/or granted shares to its executives and the often much higher price at which the company went public – Coinbase is a prime example.”