Coinbase Shares Surge
Coinbase’s stocks have seen a 381% increase this year, surpassing the growth of Bitcoin and tech giants such as Nvidia. This increase can be attributed to Binance’s legal difficulties in the US and a revitalized crypto market.
By December 20th, COIN had reached $168, marking a 20-month high and significantly outperforming Bitcoin and Nvidia.
Coinbase Gains From Binance’s Pain
Legal and regulatory troubles at Binance, the world’s biggest crypto exchange, assisted in Coinbase’s boost. Binance has been experiencing regulatory scrutiny and a series of setbacks in the U.S., causing many investors to seek out Coinbase as a more trustworthy alternative.
Recently, a US court approved a settlement deal between Binance and the Commodities Futures Trading Commission (CFTC) that involves a payment of $2.7 billion by the exchange and a $150 million fine for co-founder Changpeng Zhao (CZ).
Coinbase’s growth has also been fueled by a booming crypto market and the expansion of PayPal integration in Germany and the UK.
Cathie Wood’s ARK Invest Sells COIN
Despite Coinbase’s surge, Cathie Wood’s ARK Invest has been selling off COIN shares, offloading more than $174 million of the stock this year, and continues to downsize its holdings.
COIN is still 52% down from its November 2021 all-time high.
Recent News
According to the S&P Cryptocurrency Broad Digital Market Index, the crypto market is up 121% this year, contributing to Coinbase’s rise. In addition, Coinbase has seen growth through the expansion of PayPal integration in Germany and the UK.
Hot Take
Coinbase’s stocks have soared this year, surpassing the growth of Bitcoin and tech giants. This surge is attributed to Binance’s legal troubles and renewed interest in the crypto market. Despite this growth, Cathie Wood’s ARK Invest has been offloading COIN shares, and COIN is still 52% down from its all-time high.
By
By
