Hayden Capital: Coinbase could nab 11x return over next few years as crypto hits mainstream

Fred Liu, founder and portfolio manager at Hayden Capital, disclosed in a letter to investors that the firm has opened a position in cryptocurrency exchange Coinbase (NASDAQ:COIN), a bet on the mainstream adoption of Bitcoin (BTC-USD) and other cryptocurrencies. The fund manager predicted a minimum return on the firm's COIN investment of about 4x, with an optimistic projection that could reach 11x over the next few years. Hayden revealed that its initial position in the stock came at an average price of about $240, meaning shares have already appreciated by about 40% since the fund began accumulating shares. "At a high level, we believe the crypto economy is in the middle of 'crossing the chasm' into mainstream adoption and use cases, which will result in millions of mainstream users needing to transact in crypto in some form," Liu wrote in a fund letter released this month. Liu argued that COIN