Ritholtz Wealth Management CEO Josh Brown added Coinbase Global Inc (NASDAQ:COIN) to his portfolio this morning.
Brown said Thursday on CNBC's "Fast Money Halftime Report" he bought Coinbase as a trade rather than an investment. However, he noted his intentions could change.
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Brown's Thesis: He expects a lot more money to flood into the crypto space over the next year or year and a half.
"One of my highest conviction ideas is that over the next 12 to 18 months probably another trillion or so comes into digital assets," said Brown.
See Also: Coinbase Is Seeing Massive Interest For Its Upcoming NFT Platform
The two biggest beneficiaries will be Coinbase and Gemini, he said, adding that Gemini is not a publicly-traded company.
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Brown explained that his Coinbase position is a bet that crypto prices will go higher from current levels. Specifically, he mentioned Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).
"The higher these things go, the more adoption there will be," he said.
Brown noted there are 68 million verified users on the Coinbase platform: "Does anyone want to bet they don't get to 100 million?"
Coinbase has enough of a head start that its market cap is justified, Brown said.
Coinbase's market cap is about $53 billion, according to data from Benzinga Pro.
COIN Price Action: Coinbase has traded as high as $429.54 and as low as $208 over a 52-week period.
The stock was up 5.26% at $259.68 at time of publication.
Photo: courtesy of Coinbase.