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Goldman starts Coinbase coverage with buy rating, sees more than 30% gain

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Monitors display Coinbase signage during the company's initial public offering (IPO) at the Nasdaq market site April 14, 2021 in New York City.
Robert Nickelsberg | Getty Images

Investors should ride through volatility in the crypto space by buying shares of Coinbase, according to Goldman Sachs.

Analyst Will Nance initiated coverage of the cryptocurrency exchange on Monday with a buy rating, saying in a note to clients that Coinbase is the best way to gain exposure to cryptocurrency ecosystems.

Coinbase went public through a direct listing on April 14, and after an initial pop, its shares have struggled. The stock rose above $400 during that first day of trading, but on Friday closed near $224.

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