Jim Cramer Says "I Think You Just Own Coinbase"

Coinbase Global, Inc. (NASDAQ:COIN) is one of the stocks Jim Cramer shed light on. Answering a caller’s query about the stock, Cramer commented:

“Alright, I want to take a longer-term view on Coinbase because I think that they, in the end, were the first, I know there’s Bullish, but Coinbase stuck its neck out and went out, and all the other firms avoided them or almost isolated them, the typical brokerages. Well, now they last the, you know, these guys laugh last. I think you just own Coinbase. Don’t trade it. Not for a long time, but right now.”

Coinbase Global, Inc. (NASDAQ:COIN) operates a cryptocurrency platform, and it offers consumer financial accounts, institutional trading services, and developer tools for building onchain applications. During a July episode, Cramer discussed the stock as part of his “PARC” stocks. He said:

“PARC exhausts me. I’m talking about my handy acronym for Palantir, AppLovin, Robinhood, and Coinbase. These are four of the many stocks that seem to have no quit in them, even if they all pulled back hard into the close today, giving us a rare moment to evaluate them on relative weakness. It’s better for me to talk about these stocks on a down day so you can get a discount if you were so inclined…

Now, even though I say PARC, these four stocks are just representatives of what’s been going on in this market. They’re actually the best of the lot. They have earnings. They have analysts following them who come up with estimates. Although judging by the way people have been buying these names, neither of them, those things like estimates and analysts, seems to matter at all…

While flying cars and experimental batteries don’t yet make money, PARC does, lots of it, oodles. Palantir, AppLovin and Robinhood, and Coinbase, they’re all pretty darn profitable. By comparison, during the dot-com era, most of these red-hot companies had little to no revenues and were actually running out of money, constantly tapping the public markets, at the same time that insiders were furiously [sell, sell, sell] their own stock because they knew there was no justification for these sky-high valuations. They got out.”

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Disclosure: None. This article is originally published at Insider Monkey.