Miller Value Partners, an investment management firm, published its “Miller Opportunity Trust Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. During the second quarter of 2022, the Miller Opportunity Trust – Class I shares generated a total return of -29.45% excluding sales charges. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Miller Value Partners Opportunity Trust Fund mentioned Coinbase Global, Inc. (NASDAQ:COIN) and explained its insights for the company. Founded in 2012, Coinbase Global, Inc. (NASDAQ:COIN) is a cryptocurrency company with a $17.5 billion market capitalization. Coinbase Global, Inc. (NASDAQ:COIN) delivered a -73.44% return since the beginning of the year, while its 12-month returns are down by -74.12%. The stock closed at $67.03 per share on August 30, 2022.
Here is what Miller Value Partners Opportunity Trust Fund has to say about Coinbase Global, Inc. (NASDAQ:COIN) in its Q2 2022 investor letter:
“Coinbase Global Inc. Ordinary Shares (NASDAQ:COIN) fell during the quarter as the crypto markets continued to suffer. While the company reported disappointing results, it committed to capping EBITDA losses at $500M even in the event of “a prolonged market downturn”. COIN’s ample liquidity ($6b in cash on hand) should enable them to survive a prolonged “crypto winter” and invest to strengthen the business in the downturn. While the crypto market is early in its adoption, Coinbase is focused on building the platform for crypto not only supporting trading, and cold storage, but moving into NFTs, staking, and crypto derivatives. We see tremendous upside potential for COIN over the next decade if they are able to successfully execute on their platform strategy.”
Our calculations show that Coinbase Global, Inc. (NASDAQ:COIN) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Coinbase Global, Inc. (NASDAQ:COIN) was in 29 hedge fund portfolios at the end of the second quarter of 2022, compared to 46 funds in the previous quarter. Coinbase Global, Inc. (NASDAQ:COIN) delivered a -14.17% return in the past 3 months.
In August 2022, we also shared another hedge fund’s views on Coinbase Global, Inc. (NASDAQ:COIN) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.