Coinbase (COIN) Stock Up Slightly After Jim Cramer Advised Buying Bitcoin Instead

Coinbase Global, Inc. (NASDAQ:COIN) is one of Jim Cramer’s Biggest Cryptocurrency and Blockchain Stock Hits & Misses.

Coinbase Global, Inc. (NASDAQ:COIN) is one of the largest cryptocurrency exchanges in the world. Its shares are down by 6.4% over the past year and are up by 2.45% since Cramer discussed the firm on Mad Money. Coinbase Global, Inc. (NASDAQ:COIN)’s shares closed 4.7% higher on October 31st after the firm reported its third quarter earnings. The results saw it post $1.9 billion in revenue and $1.50 in adjusted earnings per share to beat analyst estimates of $1.8 billion and $1.10. However, more recently, Coinbase Global, Inc. (NASDAQ:COIN)’s shares closed 9.8% lower on March 24th. On that day, reports surfaced that a draft of the legislation called the CLARITY Act could restrict rewards on stablecoin holdings. This development affects Coinbase Global, Inc. (NASDAQ:COIN)’s customer base due to its presence in the stablecoin industry. The shares closed another 4% lower on the 26th, on the day banking giant Goldman Sachs cut the share price target to $235 from $270 and kept a Buy rating on the shares. Here’s what Cramer had said about Coinbase Global, Inc. (NASDAQ:COIN) on April 7th:

“Not a bad idea, Bitcoin’s down a lot, but why don’t you do this, why don’t you buy Bitcoin? Why buy Coinbase? You can just go buy Bitcoin. And I think that’s a good idea all the way down here. I prefer that to actually buying Coinbase.”

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