5 Best Fast Growth Stocks to Buy Now

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

Number of Hedge Fund Holders: 50

Coinbase Global, Inc. (NASDAQ:COIN) is a fintech firm catering to the crypto-economy. The stock stands to benefit in the long-term as crypto regulations are discussed since it is among the first movers at the market in the category and far ahead of the competition in terms of size. 

Coinbase Global, Inc. (NASDAQ:COIN) recently announced that it would be acquiring cryptographic security company Unbound Security as it boosts spending on cybersecurity and plans to expand internationally. 

Among the hedge funds being tracked by Insider Monkey, New York-based firm ARK Investment Management is a leading shareholder in Coinbase Global, Inc. (NASDAQ:COIN) with 6.9 million shares worth more than $1.5 billion. 

In its Q3 2021 investor letter, Hayden Capital, an asset management firm, highlighted a few stocks and Coinbase Global, Inc. (NASDAQ:COIN) was one of them. 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)