Is Coinbase The 'Most Obvious Play In The Stock Market Right Now'?

Oppenheimer named cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) a top pick for 2022 Wednesday, citing the continued adoption of digital assets by retailers and institutions.

"For institutional investors who are interested in getting exposure to digital assets, we believe COIN is well-positioned to benefit from it," Oppenheimer analyst Owen Lau said. 

Ritholtz Wealth Management CEO Josh Brown weighed in Wednesday afternoon on CNBC's "Closing Bell."

"This is the most obvious play in the stock market right now as far as a directional bet on whether or not there will be huge flows into crypto from institutions and wealth management next year," Brown said. "And I know there will be because this is who I talk to all day."

See Also: Stephanie Link On Coinbase: 'It Hasn't Performed Well, But I Still Like It A Lot.' Here Are Her Reasons Why

Brown was bullish on the outlook for Coinbase in 2022 and beyond. He suggested Coinbase was a more obvious play than even Bitcoin (CRYPTO: BTC), the world's first cryptocurrency.

"This is the play. I think they are positioning themselves as like the Fidelity of digital assets," he said. "So we would make that directional bet."

Brown told CNBC that he had already made that bet: he owns Coinbase shares personally, as well as through his wealth management firm.

"So if you want to make that bet, Coinbase is the most obvious way to make that bet," he emphasized.

"I think Coinbase will work alongside a lot of other things that are related to this market."

COIN Price Action: Coinbase has traded as high as $429.54 and as low as $208 since it went public in April. The stock closed up 2.77% at $254.55 Wednesday.

Photo: Courtesy of Coinbase.