Top digital coins Bitcoin and Ethereum aren’t the only booming assets in the crypto sphere right now: Coinbase’s stock is also on a roll.
Shares of America’s biggest cryptocurrency exchange—COIN on the Nasdaq—are at the highest price since before Terra crashed back in May 2022.
The price of COIN is trading for $115.75 per share—up nearly 6% in the past day—and has nearly touched $117 per share so far on Friday. And over the past month, COIN has shot up over 41%, when it was trading for $82 per share.
San Francisco-based Coinbase has been a publicly traded company on the Nasdaq since 2021. COIN was last at this price in May 2022, before crypto project Terra went bust and took most of the digital asset ecosystem with it.
Terra was a popular crypto ecosystem with apps largely focused on algorithmic stablecoins. Its native cryptocurrency, LUNA, was one of the largest digital assets by market cap. In May 2022, Terra collapsed—bringing with it a brutal bear market causing many crypto projects with exposure to the project to declare bankruptcy.
Most digital coins and tokens—including Bitcoin and Ethereum—have struggled to reach the prices they had before Terra went bust. But today, they are making a comeback: Bitcoin, the top digital coin by market cap, today surged past $38,000. Ethereum also nearly touched nearly $2,131 Friday.
Coinbase may be seeing rising attention because a number of high-profile Wall Street firms have selected the company to be its custodian or surveillance-sharing partner for their respective spot Bitcoin exchange-traded fund (ETF) applications.
The likes of BlackRock—the world’s biggest fund manager—and Fidelity want to use Coinbase for the long-awaited investment product.
A Bitcoin ETF would give traditional investors exposure to crypto via shares that track the price of the digital asset. The U.S. Securities and Exchange Commission is currently reviewing a number of applications for such a product.
Edited by Andrew Hayward