BTIG gives Coinbase a buy rating after its Nasdaq debut, sees 50% upside from here

Coinbase employees spray champagne during the company's initial public offering (IPO) outside the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Images

Newly public Coinbase is the "gold standard among digital asset exchanges," according to BTIG, which recommends buying the stock.

BTIG initiated coverage of Coinbase with a buy rating on Thursday, a day after the company's public market debut. The Wall Street firm also slapped a $500 per share price target on the stock, representing a more than 50% upside from its closing price on Wednesday.