10 Worst Performing Crypto Stocks to Buy Now

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

Year-to-Date Performance: -8.49%

Number of Hedge Fund Holders: 68

Coinbase Global, Inc. (NASDAQ:COIN) is an American company that operates an online platform for buying, selling, transferring, and storing cryptocurrency. The company serves customers in over 100 countries. COIN is one of the worst-performing crypto stocks to buy now. On February 19, Compass Point analyst Chase White raised the price target for Coinbase Global, Inc. (NASDAQ:COIN) to $365 from $295 while maintaining a “Buy” rating. This increase in price target followed the company’s financial results, which outperformed market expectations as the company reported sales of $2.2 billion and EBITDA of $1.3 billion to surpass forecasts of $1.8 billion in sales and $897 million in EBITDA. Despite this impressive performance, Coinbase Global, Inc. (NASDAQ:COIN) stock price declined. White believes this was because of higher-than-expected cost guidance.

The analyst did not agree with this market reaction and suggested that the increased costs are justified by the need to sustain strong growth. White believes that Coinbase Global, Inc. (NASDAQ:COIN) will grow because of its strong retail market share and expanding subscription and service revenues. White also noted near-term opportunities for Coinbase Global, Inc. (NASDAQ:COIN), such as the potential of Stablecoin and Base L2. He noted that the USDC market cap is nearing all-time highs and that Coinbase Global, Inc. (NASDAQ:COIN) has an advantage over rivals like Tether in on-chain transfer volumes. Additionally, White expects financial institutions to adopt these platforms, especially following potential legislative developments, which he believes are likely to occur in 2025.