Jim Cramer’s Top 10 Hottest Stock Picks

8. Coinbase Global Inc. (NASDAQ:COIN)

Number of Hedge Fund Holders: 45

Barclays upgraded Coinbase Global Inc. (NASDAQ:COIN) from a “sell” to a “hold” rating, stating that the company’s business model has become more mature. Jim Cramer noted the shift, reflecting Barclays’ recognition of Coinbase Global Inc. (NASDAQ:COIN)’s growth and development in the crypto space.

“Barclays goes to hold from selling on crypto stock Coinbase saying their business models have matured.”

Coinbase Global Inc. (NASDAQ:COIN) presents a strong investment opportunity for 2024 due to its resilience in tough market conditions, diversified revenue streams, and positive regulatory outlook. Despite a drop in global crypto trading volumes, Coinbase exceeded revenue and adjusted earnings expectations in Q2 2024, showing strong operational performance. Coinbase Global Inc. (NASDAQ:COIN)’s shift toward subscription and service-based revenue, which hit record highs, reduces its dependence on transaction fees and enhances revenue stability.

Additionally, growing optimism about potential regulatory clarity in the U.S. is expected to attract more institutional investors, boosting Coinbase Global Inc. (NASDAQ:COIN)’s long-term growth prospects. Overall, Coinbase Global Inc. (NASDAQ:COIN)’s ability to adapt, diversify revenue, and improve the regulatory environment creates a promising outlook for continued success in the evolving cryptocurrency market.

Patient Capital Opportunity Equity Strategy stated the following regarding Coinbase Global, Inc. (NASDAQ:COIN) in its Q2 2024 investor letter:

“Coinbase Global, Inc. (NASDAQ: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.”