Goldman Sachs’ List Of Stocks Popular With Mutual Fund Managers: Top 20 Stocks

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

Number of  Mutual Funds: 20

Number of Hedge Fund Investors in Q2 2024: 45

Coinbase Global, Inc. (NASDAQ:COIN) is one of the largest cryptocurrency trading platform providers in the world. This has served the firm’s stock well in 2024 as the shares are up 7.5% year to date and 113% over the past 12 months. Firms like Coinbase Global, Inc. (NASDAQ:COIN) benefit from the growing acceptance and availability of Bitcoin. Consequently, its stock soared by 42% in H1 2024 as Bitcoin ETFs created ripples in the cryptocurrency industry and on Wall Street. However, the second half has seen Coinbase Global, Inc. (NASDAQ:COIN)’s shares drop by 24.2% as the economic picture has remained complex. The stock tanked by 20% in the first week of August as weak labor market data generated fears that America was headed for a recession. Then, Coinbase Global, Inc. (NASDAQ:COIN) dropped by an additional 30% in the last week of August and the first week of September due to legal troubles with the SEC and a manufacturing slowdown which further stoked recessionary fears. On a micro level, Coinbase Global, Inc. (NASDAQ:COIN) could see tailwinds if initiatives such as retirement planning pick up with new age investors and retail volumes grow in the aftermath of a consumer recovery.

Patient Capital mentioned Coinbase Global, Inc. (NASDAQ:COIN) in its Q2 2024 investor letter. Here is what the fund said:

“Coinbase Global (COIN) was a top detractor following cryptocurrencies lower throughout the quarter. While cryptocurrencies are going through a digestion period following the all-time high reached by Bitcoin in March, we believe it is still the early innings for institutional adoption and exposure to cryptocurrencies. We believe Coinbase continues to solidify its position as the platform of choice for the crypto-ecosystem and will benefit from this increasing demand over time.”