Coinbase posted a surprise first-quarter loss on Thursday, but Citi is optimistic on the stock's long-term growth potential.

Crypto trading platform Coinbase reported a surprise first-quarter loss and weaker-than-estimated revenue after the market close Thursday.

Coinbase posted a surprise first-quarter loss on Thursday, but Citi is optimistic on the stock's long-term growth potential.

The bank, which has buy rating on the fintech name, raised its price target on shares.