Is Cathie Wood's Favorite Crypto Stock a Buy?

Trading exchange Coinbase Global (NASDAQ: COIN) has suffered during the broader cryptocurrency sell-off as asset prices in popular cryptocurrencies have declined due to waning investor sentiment when compared to prior periods. Generally speaking, since its initial public offering a year ago, Coinbase's stock price has traded in lockstep with Bitcoin. However, this could signal how little some understand Coinbase's entire business. While the company primarily serves as an exchange to buy and sell crypto tokens, Coinbase has a variety of other products and services, including non-fungible tokes (NFTs), crypto wallets, and advanced trading features like derivatives.

Coinbase stock is down roughly 50% over the last month. However, after a bleak first-quarter earnings report, the company has experienced a slight bump thanks in large part to institutional and insider buying.

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Source Fool.com