Home Hedge Funds Should You Hold Coinbase Global (COIN)?

Should You Hold Coinbase Global (COIN)?


Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 11.8% net of fees compared to the S&P 500’s 10.6% return. The outperformance of the portfolio can be attributed to selection and allocation effects, which are partially counteracted by interaction effects, according to a three-factor performance attribution model. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Patient Capital Opportunity Equity Strategy featured stocks like Coinbase Global, Inc. (NASDAQ:COIN) in the first quarter 2024 investor letter. Headquartered in Wilmington, Delaware, Coinbase Global, Inc. (NASDAQ:COIN) offers financial infrastructure and technology for the crypto economy. On April 22, 2024, Coinbase Global, Inc. (NASDAQ:COIN) stock closed at $225.86 per share. One-month return of Coinbase Global, Inc. (NASDAQ:COIN) was -19.25%, and its shares gained 312.53% of their value over the last 52 weeks. Coinbase Global, Inc. (NASDAQ:COIN) has a market capitalization of $54.72 billion.

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

“This quarter we benefited from our exposure in the cryptocurrency space. The approval of 11 new spot Bitcoin ETFs dramatically opened Bitcoin to new investors for the first time. Investors’ interest was material, with assets under management growing to $55B over a single quarter. Coinbase Global, Inc. (NASDAQ:COIN) was a beneficiary of these events as we believe it is building the foundation of the crypto-ecosystem. We continue to believe COIN has the potential to be the platform for crypto as it has continued to widen its moat by investing throughout the most recent crypto winter.”

A shot of someone securely accepting crypto assets as payment, showcasing the company’s payment solutions.

Coinbase Global, Inc. (NASDAQ:COIN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Coinbase Global, Inc. (NASDAQ:COIN) was held by 41 hedge fund portfolios, up from 27 in the previous quarter, according to our database.

We previously discussed Coinbase Global, Inc. (NASDAQ:COIN) in another article, where we shared Cathie Wood’s latest investment portfolio and her top stock picks. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.

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