Billionaire Philippe Laffont is Selling These 5 Stocks

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

Number of Hedge Fund Holders: 50

Percentage Decline in Stake: 100%

Coinbase Global, Inc. (NASDAQ:COIN) is a securely hosted bitcoin wallet that allows users to buy and utilize bitcoin. In November, Canaccord analyst Joseph Vafi raised his price target on Coinbase Global, Inc. (NASDAQ:COIN) to $342 from $325 and maintained a “Buy” rating on the shares.

Mr. Laffont sold the shares of Coinbase Global, Inc. (NASDAQ:COIN) in Q3.

Insider Monkey’s data shows that 50 elite hedge funds held stakes in Coinbase Global, Inc. (NASDAQ:COIN) at the end of the third quarter, up from 49 funds a quarter earlier.

Hayden Capital, an investment management firm, in its third-quarter 2021 investor letter, mentioned Coinbase Global, Inc. (NASDAQ:COIN). Here is what the fund said:

“Coinbase (COIN): We established a new position in Coinbase, the dominant US crypto exchange and brokerage, this quarter. Given the misperceptions and early-stage nature of the industry, I thought it would be helpful for our partners’ understanding to share a report outlining our thesis, which we published on October 31st.

At a high level, we believe the crypto economy is in the middle of “crossing the chasm” into mainstream adoption & use cases, which will result in millions of mainstream users needing to transact in crypto in some form.

Coinbase is well positioned in the Western, regulated markets to capture this influx – considering their dominant market share / mindshare, their focus on the casual user and thus superior userexperience compared to alternatives, and their position as a “toll-booth” for this industry. Longer-term, we also believe Coinbase has “super-app” ambitions, and will be the primary gateway for both the general population and institutions to interact with the crypto economy…” (Click here to see the full text)