Coinbase was trading at around $92 a share on Friday. In the last five days, the company’s stock has risen by more than 50%.
The crypto exchange announced on Thursday that it has entered into a partnership with investment giant BlackRock, the world’s largest asset manager, which will allow its institutional clients to buy digital currencies such as bitcoin.
The sharp rise in Coinbase stock price prompted critics on Twitter to dunk on Cramer.
“I don’t care if a company is the next Amazon. If Jim Cramer is recommending the stock I will never buy,” tweeted accountant and financial news analyst Genevieve Roch-Decter.
Another Twitter user noted: “Just one week after Jim Cramer became bearish on Coinbase, the stock ripped 89%.”
“Never take financial advice from Jim Cramer!” crypto podcaster Tony Edward tweeted.
Ishan Wahi, 32, worked as a product manager for Coinbase. The federal government alleges that Wahi tipped off his brother, Nikhil Wahi, and a friend about the company’s secret plans to begin offering certain cryptocurrencies.
Federal investigators allege that the three men were able to pocket $1.5 million in profits.
Coinbase said it launched its own internal investigation of the matter and that it turned over its findings to the Department of Justice.