Coinbase Global Inc (NASDAQ:COIN) has struggled to find its footing since making its public debut in 2021.
“Shark Tank” investor and O’Shares ETFs chairman Kevin O’Leary named the stock his top pick for 2022 following its underperformance last year.
“If you want to play in the crypto and digitization of payments universe, you want to find the exchanges that are indifferent to volatility,” O’Leary said Friday on CNBC’s “Fast Money Halftime Report.”
Volatility is good for Coinbase’s prospects, he said, adding that the company picks up basis points on trades regardless of price.
“My theme on crypto is no longer just buy Bitcoin,” O’Leary said. Instead he aims to find public companies with exchange licenses.
“The number one, right now, bet that’s public stateside is Coinbase,” he added.
O’Leary noted that he added to his existing Coinbase position today. “Boy, has that stock corrected — nice entry point here,” he emphasized.
“If you want exposure to this theory of … picking up basis points regardless of price, you’ve got to go picks and shovels, you’ve got to go infrastructure,” O’Leary said. “That’s why I have a very constructive position in Coinbase.”
COIN Price Action: Coinbase has traded as low as $208 and as high as $429.54 since its direct listing in April.
The stock was down 2.03% at $223.60 Friday afternoon.
Photo: courtesy of Coinbase.