Coinbase Stock Reaches Near-Record High Amid Crypto Market Rally

Coinbase Global (COIN) stock surged on Wednesday, briefly approaching its record closing high from November 2021. The rally extends the exchange’s appeal within the broader digital asset sector, which aligns with Bitcoin’s recent performance.

Approaching All-Time High

Shares climbed by 7.1% intraday to peak at $369.25, receding slightly to $352.20 at last check, a gain of over 2%. This performance secures a fresh 52-week high and places COIN within striking distance of its all-time closing high of $357.39.

The stock currently trades near its peak and has rebounded 133% from an April low, a slump triggered by President Trump’s “Liberation Day” tariff proposal. CEO-Binance-SEC-Coinbase stock-market-cap.png (Coinbase) stands as one of the most valuable pure-play cryptocurrency companies globally with an approximate market capitalization of $89.6 billion.

Coinbase’s year-to-date rally exceeds 42%, driven by climbing Bitcoin (BTC) valuations, favorable legal frameworks for digital assets in the US, and the company’s demonstrated revenue strength.

Revenue Growth, Stablecoin Income Drive Recovery

Though Coinbase’s first-quarter 2024 revenue missed market expectations, it still reflected significant progress with a year-over-year increase of 24.2% year-over-year to $2.03 billion.

This growth is underscored by robust performance in its Subscription and Services segment, which jumped 36.3% to $698.1 million. This division benefited substantially from expanding fees tied to stablecoins like USDC.

Circle’s IPO Fuels Coinbase Rally

Coinbase’s stock appreciation is also closely linked to the spectacular performance of Circle Internet Group (CRCL). Following its successful initial public offering, Circle’s share price has skyrocketed from $31 to over $200.

The exchanges maintain a critical financial partnership facilitated by Circle’s flagship US Dollar Coin (USDC). This collaboration deepened significantly in 2023 after Coinbase acquired significant Circle equity.

Around the end of May, Circle (CRCL) briefly assumed the top position in the market-capitalization-weighted MVIS Global Digital Assets Equity Index (MVDAPP), alongside Coinbase (COIN). However, Coinbase secured the lead spot again as of Wednesday.

Component Ticker Weight in MVDAPP Recent Performance Coinbase COIN Also a major component Rallied higher again recently Circle CRCL Previously became largest holding Surged 200%+ since IPO debut BlockFi LUNC Yes Part of underlying index

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