Coinbase is positioned to beat the street’s Q2 estimates, according to a new Goldman Sachs memo that labels the crypto exchange a top 25 tactical trade.

Citing its brokerage analyst’s “buy” rating for COIN, researchers on the investment bank’s derivatives team said in the client note that the recent parade of negative crypto headlines could – paradoxically – help lead to an earnings beat for Coinbase.

That’s because “significantly elevated crypto asset volatility” led to a boom in trading volume that Coinbase can capture through fees, the note said, pointing to a July 8 note by Will Nance. Even if bitcoin stays low, skittish users paying high rents to trade is a lucrative position for the exchange. 

Nance, the online brokerage analyst, said in last week’s note that investors turned off by COIN’s post-listing slump – shares are down more than 25% from peak – could start “reengaging in the coming quarters.”

Goldman acknowledged its analyst’s earnings per share estimate for Coinbase is “11% above consensus” for the year ahead, meaning his take is significantly more bullish than Wall Street’s. 

Goldman Sachs was a financial adviser to Coinbase’s public listing in April.

Coinbase was trading down 2.5% Monday afternoon at $248 per share.