7 Best Bitcoin Stocks To Buy Right Now

2. 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. The firm strives to improve economic freedom for more than 1 billion by allowing people and institutions to engage with crypto assets. Coinbase Global also provides critical infrastructure for onchain activity and support builders. In 2023, the firm was reported to hold 5% of the global Bitcoin supply deeming it one of the largest Bitcoin holders globally.

Comprising 245,000 ecosystem partners in over 100 countries, Coinbase offers a comprehensive platform that powers the cryptoeconomy. The firm mentions five key strengths behind this platform which include trust, crypto-first technology, easy-to-use products regardless of the complex underlying technology, repeatable innovation, and significant scale as it securely stores over $90 billion in assets on the platform. Coinbase Global, Inc. (NASDAQ:COIN) serves as one of the longest-running crypto platforms where customers haven’t experienced a loss of funds as a result of a security breach.

The firm recorded the year’s second quarter as its sixth consecutive quarter of positive adjusted EBITDA. Due to 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.

With a market-leading share of assets, one of the most trusted platforms for managing crypto globally, and continuous developments in product offerings to ease the use of crypto, Coinbase has become a major player in the crypto industry. As of Q2 2024, the stock was held by 45 hedge funds thereby ranking it among some of the best Bitcoin stocks to buy right now while Citadel Investment Group was the most dominant shareholder.