Coinbase Global, Inc. (NASDAQ:COIN): Where It Stands against the Other Bitcoin Stocks

We recently compiled a list of the 7 Best Bitcoin Stocks To Buy Right Now. In this article, we are going to take a look at where Coinbase Global, Inc. (NASDAQ:COIN) stands against the other bitcoin stocks.

Coinbase Global, Inc. (NASDAQ:COIN) offers an online platform for buying, selling, saving, earning, transferring, and using cryptocurrency. The firm aims to improve economic freedom for more than 1 billion by enabling people and institutions to engage with crypto assets. Coinbase Global also provides critical infrastructure for onchain activity and supports builders. In 2023, the firm was reported to hold 5% of the global Bitcoin supply, making it one of the largest Bitcoin holders globally.

With 245,000 ecosystem partners in over 100 countries, Coinbase offers a comprehensive platform that powers the cryptoeconomy. The firm highlights five key strengths behind this platform: trust, crypto-first technology, easy-to-use products despite 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) is one of the longest-running crypto platforms where customers haven’t experienced a loss of funds due to a security breach.

The firm reported the year’s second quarter as its sixth consecutive quarter of positive adjusted EBITDA. Growth was seen across the board as a result of stablecoin revenue and blockchain rewards revenue. The firm saw success in diversifying revenue streams. While transaction revenue was down 27% from last quarter, subscription and services revenue was at an all-time high, increasing 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.

Coinbase has become a major player in the crypto industry 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. The stock was held by 45 hedge funds as of Q2 2024, ranking it among some of the best Bitcoin stocks to buy right now and Citadel Investment Group was the most dominant shareholder.

Overall COIN ranks 2nd on our list of the best bitcoin stocks to buy. While we acknowledge the potential of COIN as an investment, our conviction lies in the belief that some deeply undervalued AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for a deeply undervalued AI stock that is more promising than COIN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.