Goldman Sachs just said it plans to spend “tens of millions” on investment on cryptocurrency companies. Goldman Sachs’ head of digital assets, Mathew McDermott, says this could be the right time to snatch up or invest in crypto companies at a discount, said Business Insider. “We do see some really interesting opportunities, priced much more sensibly,” he added.
While Goldman Sachs hasn’t mentioned any specific stocks, one of the stocks could be Coinbase Global (COIN), we believe. Since late 2021, COIN slipped from about $350 to a current price of $42.41. Of course, we’re simply speculating without any direct knowledge of a deal.
In addition, according to Piper Sandler analyst Richard Repetto, COIN has a “very strong cash position and may even capitalize on the FTX bankruptcy upheaval over the long term,” thinks a “more aggressive headcount reduction is a prudent step in managing expenses and sustaining shareholder value in a potential extended ‘crypto winter’ that could result,” as noted by Insider Monkey. The analyst also has an overweight rating on the stock, with a $100 target.