Why Josh Brown Bought Coinbase Shares Today – Converted Organics (COIN)

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Ritholtz Wealth Management CEO Josh Brown added Coinbase Global Inc (NASDAQ:COIN) to his portfolio this morning.

Brown said Thursday on CNBC’s “Fast Money Halftime Report” he bought Coinbase as a trade rather than an investment. However, he noted his intentions could change.

Brown’s Thesis: He expects a lot more money to flood into the crypto space over the next year or year and a half.

“One of my highest conviction ideas is that over the next 12 to 18 months probably another trillion or so comes into digital assets,” said Brown.

See Also: Coinbase Is Seeing Massive Interest For Its Upcoming NFT Platform

The two biggest beneficiaries will be Coinbase and Gemini, he said, adding that Gemini is not a publicly-traded company.

Brown explained that his Coinbase position is a bet that crypto prices will go higher from current levels. Specifically, he mentioned Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).

“The higher these things go, the more adoption there will be,” he said.

Brown noted there are 68 million verified users on the Coinbase platform: “Does anyone want to bet they don’t get to 100 million?”

Coinbase has enough of a head start that its market cap is justified, Brown said.

Coinbase’s market cap is about $53 billion, according to data from Benzinga Pro.

COIN Price Action: Coinbase has traded as high as $429.54 and as low as $208 over a 52-week period.

The stock was up 5.26% at $259.68 at time of publication.

Photo: courtesy of Coinbase.