A month after its debut on the stock exchange, Coinbase has already become one of the “darlings” of Brazilians who invest in the USA.
According to data from Stake, the exchange won the 4th position in the ranking of the main investments of this group in April.
In addition to the brokerage firm, two other companies that show themselves to be Bitcoin adepts also join the list.
To the Investe Value on Friday (7), Paulo Kulikovsky, director of operations at Stake, revealed that there are two factors behind this demand.
Brazilians invest in Coinbase shares
Authorized to mediate negotiations by Brazilians abroad, Stake informed that Coinbase is in the “Top 5” of investments made by the platform.
The company also said that domestic investors had allocated about $ 10 million in shares of the exchange in April. With the amount invested, the broker’s shares are ahead of Microsoft and Amazon.
Traded under the COIN ticker, Coinbase debuted on Nasdaq in mid-April. At the time, its market value was close to US $ 100 billion. It is currently valued at US $ 48.3 billion, about R $ 252.3 billion.
Investment in other companies
In addition to Coinbase, the Brazilians allocated capital to another company that beckoned the cryptocurrency market, Tesla.
The electric car maker led by Elon Musk announced in February that it had bought $ 1.5 billion in Bitcoin. The company recently sold part of its reserve.
However, Musk continues to “flirt” with the cryptocurrency market. Recently, Dogecoin, the digital currency that holds its sympathy, reached its high of $ 0.69.
The ten most traded shares traded by Brazilians in April were:
- 1. Tesla;
- 2. Microvision;
- 3. Apple;
- 4. Coinbase;
- 5. Nio;
- 6. GameStop;
- 7. Microsoft;
- 8. Amazon;
- 9. Palantir;
- 10. Churchill Acquisition IV
Interest of Brazilians
For Kulikovsky, there are two factors behind Brazil’s recent interest in or investing in crypto-sphere companies. The first would be the volatility of the market that “promotes” quick gains.
“This volatility usually attracts traders looking to make money from short-term movements with the wide variation in stock prices.”
The second reason is linked to the restrictions on trading digital assets on stock exchanges.
“People trade in the company’s stock as an intermediary to access Bitcoin, as they cannot be traded in traditional stock markets,” explained the executive.
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