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

Coinbase signage in New York's Times Square during the company's initial public offering on the Nasdaq on April 14, 2021.
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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.