Coinbase Global gets a Buy rating at Goldman on model, ecosystem growth

Goldman Sachs analyst Will Nance initiates coverage of Coinbase Global (COIN) with a Buy rating partly on its business model that "thrives on elevated cryptocurrency volatility."That volatility has been on display in recent weeks as seen in crypto swings as evidenced in bitcoin's wild ride. This morning bitcoin rises to $37.6K, but had dropped as low as $31.1K on Sunday.COIN stock rises 3.0% in premarket trading.Sets price target at $306.Nance also likes COIN's leverage to an ecosystem with strong growth driven by increasing adoption of digital currencies, its consumer platform with strong customer acquisition trends and rapidly growing institutional business, and its opportunities to add additional features and capabilities.Though the continued success or failure of crypto as an asset class will ultimately determine COIN's future, "we believe COIN represents a blue-chip way through with to invest in the development of the ecosystem," the analyst writes.Points to COIN's careful approach to