Various crypto-related stocks are having a positive day including Marathon Digital (MARA), Riot Blockchain (RIOT), and of course, Coinbase (COIN).
Since going public in April, shares of the largest US-based cryptocurrency exchange felll by as much as -50% from the post-IPO highs... Underlying consumer mentions still support a long-term bullish outlook
Much like the number of consumers talking about investing in cryptocurrency, mentions from consumers using Coinbase to buy and sell crypto are showing significant YoY strength: +423% YoY on a 7-day moving average.
Coinbase has the best positioning of any exchange in the U.S. market, so a continuation of the current rally in the crypto market represents a best-case scenario for COIN shareholders.
Rising prices will serve to bolster the company's balance sheet, as well as attracting new users to the exchange.