20 Best Cryptocurrency Stocks to Buy According to Hedge Funds

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

Number of Hedge Fund Holders: 45

Coinbase Global, Inc. (NASDAQ:COIN) offers an online platform for buying, selling, saving, earning, transferring, and using cryptocurrency. With a mission to improve economic freedom for over 1 billion people, the firm allows them to engage with crypto assets. Coinbase Global also provides critical infrastructure for onchain activity and support builders.

Comprising 245,000 ecosystem partners in over 100 countries, Coinbase truly powers the cryptoeconomy. The firm consistently invests to make crypto seamless for both consumers and developers while showing strong progress during the year’s second quarter, the sixth consecutive quarter of positive adjusted EBITDA. Primarily driven by stablecoin revenue and blockchain rewards revenue, growth across the board was witnessed. The firm achieved success in diversifying revenue streams. Although transaction revenue was down 27% from last quarter, subscription and services revenue was found to be at an all-time high, growing 17% quarter-over-quarter to $599 million. The firm also reduced the Base fees in the quarter which resulted in 300% quarter-over-quarter growth in the number of transactions on Base.

Coinbase is making efforts to make crypto easier to use in a world where not everyone knows about its technical details. The firm’s Smart Wallet launch helps people onboard within seconds by using passkeys typically through a biometric like a thumbprint on a mobile device rather than previously having to remember a 12-word passphrase which they would forget or lose.

With a focus on solving customer pain points in the crypto world, operating one of the most trusted platforms for managing crypto globally, and continuous strides in broadening product offering which again makes crypto easier to use, Coinbase Global, Inc. (NASDAQ:COIN) looks forward to increasing global transaction flow on crypto rails. As of Q2 2024, the stock was held by 45 hedge funds thereby ranking it among some of the best cryptocurrency stocks while Citadel Investment Group was the most dominant shareholder.