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Wedbush says Coinbase is a buy despite price volatility for bitcoin and other cryptocurrencies

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

Swings in the price of cryptocurrencies like bitcoin should not scare investors away from the strong underlying business of Coinbase, according to investment firm Wedbush.

Analyst Moshe Katri initiated coverage of the stock on Wednesday with an outperform rating. The call immediately follows one of the more volatile days the crypto space has seen in recent years, with the price of bitcoin falling more than 30% at one point during the day and Coinbase having technical difficulties.

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