ARK Invest Stock Portfolio: Top 10 Stock Picks for 2024

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

Stake Value as of Q3 2024: $577,484,187

Coinbase Global, Inc. (NASDAQ:COIN) is an American publicly traded company that provides a platform for users to engage in various activities with their crypto assets. It also offers crucial technology and infrastructure for the crypto economy, allowing developers to build crypto products and accept assets as payment.

The company is closely tied to the general condition of the cryptocurrency market. While the market has been volatile this year, sentiment toward the industry has improved over the last few weeks in anticipation of a Republican win in the presidential elections, with Donald Trump positioning himself as pro-bitcoin. Another positive development for the market has been the SEC approving an ETF to track the spot price of ether and bitcoin.

Bitcoin has gained over 30% since Trump’s victory in the November 5 elections and is closing in on $90,000, as investors expect a string of regulatory clearances for digital currencies under the new administration. Coinbase Global, Inc. (NASDAQ:COIN)’s shares have also surged 74% since the election, from a close of $186.27 a day before polling to $324.24 as of the close of day on November 11.

The company announced financial results for the third quarter of 2024 on October 30. Revenue was posted at $1.2 billion, with an adjusted EBITDA of $449 million. Earnings were logged at 62 cents per share, beating analysts’ estimates of $0.45 per share. The balance sheet further strengthened, growing 5% quarter-over-quarter to end Q3 with $8.2 billion in USD resources. Trading volume was down 18% compared to the previous quarter to $185 billion due to lower crypto asset volatility and average asset prices.

Coinbase Global, Inc. (NASDAQ:COIN)’s trajectory looks encouraging amid a Trump win. Wall Street analysts remain bullish on the stock and have a consensus BUY rating. It is among the top picks from the ARK Invest stock portfolio, representing 5.28% of ARK’s holdings.