Loop Capital's Kourtney Gibson Adds To Her Coinbase Position

Loop Capital's Kourtney Gibson told CNBC’s “Fast Money: Halftime Report” Thursday that she added to her position in Coinbase Global Inc (NASDAQ: COIN).

Related Link: Is Coinbase Stock A Buy Below $300?

Coinbase is the leader in the cryptocurrency exchange world as it stores 11% of all cryptocurrency she said, adding that she believes Coinbase will continue to lead in the crypto space.

Investing in Coinbase is a good way to diversify from Bitcoin (CRYPTO: BTC) and capitalize on all of the trading that occurs in the crypto space, she said.

Gibson told CNBC that she doesn’t own Bitcoin, but from what she has seen in terms of institutional adoption, Bitcoin should have a positive impact on Coinbase moving forward.

Earnings Preview: Coinbase released estimated first-quarter results and a full year 2021 outlook on April 6 before it went public via a direct listing on April 14. The company said it expects to have 56 million verified users and revenue of approximately $1.8 billion.

The company said it expects to show meaningful growth in 2021 as a result of the increased institutional interest in the crypto asset class.

Related Link: Why Coinbase Is Shutting Down Its San Francisco Office

Coinbase is set to release first-quarter financial results on May 13.

Price Action: Coinbase traded as high as $429.54 on the day of its direct listing. Since that time, the stock has trended lower. Shares are up Friday morning 2.83% at $263.96.

(Photo courtesy of Coinbase)