Loop Capital's Kourtney Gibson Says Coinbase Could Be Worth $400 To $450 Per Share

Coinbase Global Inc (NASDAQ: COIN) is a way to participate in the crypto space while hedging risk, Loop Capital's Kourtney Gibson said Thursday on CNBC's "Fast Money: Halftime Report."

What Happened: Bitcoin (CRYPTO: $BTC) has fallen more than 50% from its all-time highs near $65,000 since April. The cryptocurrency sold off significantly on Wednesday before recovering quickly.

Although Coinbase is a user growth story, the platform is an exchange, Gibson said, adding that Coinbase is a beneficiary of volatility in Bitcoin and other cryptocurrencies. 

Gibson is seeing a lot of interest from institutional buyers, she said, also mentioning both asset owners and asset managers are balancing their portfolios with exposure to cryptocurrency. 

The company is a leader in the cryptocurrency exchange space and the company will separate itself from the competition, she told CNBC.

Coinbase could be worth $400 to $450 per share, Gibson noted. 

Analyst Rating: Wedbush analyst Moshe Katri initiated coverage on Coinbase with an Outperform rating and announced a price target of $275 on Thursday.

See Also: Cathie Wood Cuts Apple Stake Almost Entirely — And Buys More Coinbase

Price Action: Coinbase traded as high as $429.54 on the day of its direct listing. Since that time, the stock has trended lower. At last check Thursday, the stock was up 4.29% at $234.45.

Photo courtesy of Coinbase.