Not Just Tesla, SpaceX, Elon Musk — Coinbase Is Also Finding Popularity With Hedge Funds

Coinbase Global Inc (NASDAQ: COIN) said in a shareholder letter on Monday that 10% of the top 100 largest hedge funds by assets under management are among its clients.

What Happened: Coinbase said many clients have selected it as their “exclusive partner.” 

The cryptocurrency trading platform said it had formed partnerships with “industry leaders” like Tesla Inc (NASDAQ: TSLA) and its CEO Elon Musk, SpaceX, PNC Bank, Third Point LLC and WisdomTree Investments, in recent months.

See Also: How To Buy Coinbase (COIN) Shares

On Monday, Coinbase reported its record second-quarter earnings per share of $6.42, which surpassed the Street estimates of $2.24.

The platform had over 9,000 institutional customers as of the second quarter.

Coinbase shares closed 3.85% lower at $269.67 in Tuesday’s regular session and rose nearly 0.8% in the after-hours trading.

Why It Matters: In February, it was reported by The Block that Tesla’s $1.5 billion Bitcoin (CRYPTO: BTC) purchase was facilitated by Coinbase.

This is the first time Coinbase has acknowledged its relationship with Tesla.

Meanwhile, PNC Bank — another Coinbase partner— is said to be working on an unknown cryptocurrency service that would give it more seamless access to cryptocurrency investments for its clients, reported CoinDesk.

Read Next: Coinbase CEO On Dogecoin Listing Says We Are ‘Agnostic’ About Picking Winners And Want To Support All Legal Assets

Photo by Marco Verch on Flickr

 

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