KEY POINTS
Coinbase, the largest cryptocurrency exchange in the United States, has seen a remarkable increase in its shares, nearly doubling in value over the past month and experiencing a 265% surge in the last year. Monday’s trading session witnessed the biggest single-day gain since January 2022.
Coinbase’s Highest Share Price Since 2022
Closing at $229.15, with a peak of $236.46, the stock’s journey contrasts sharply with its low of $46.43 within the past year. This surge in interest is attributed to the broader cryptocurrency market rally, particularly Bitcoin’s 54% rise this year, reaching over $67,000 on Monday — nearing its all-time high of $68,991 in November 2021.
Bitcoin itself witnessed a 7% increase on Monday, pushing its market cap over $1.3 trillion.
Also, MicroStrategy Inc, a software company with the most substantial corporate Bitcoin reserves, saw a remarkable upswing in its stocks, surging by over 23% to reach a closing price of $1,334, hitting its highest intraday level in over twenty years. Its shares have grown by more than 460% in the past year.
Bitcoin’s Bill Run
Bitcoin’s rally followed the Securities and Exchange Commission (SEC)’s approval of Bitcoin ETFs for mainstream financial institutions. These exchange-traded products have facilitated easier access for retail investors and IRA holders to invest in Bitcoin without directly purchasing it from exchanges or dealing with on-chain wallets.
Bitcoin inflows for the year have exceeded those of 2021, with BlackRock’s iShares Bitcoin Trust and Fidelity Investments’ Wise Origin Bitcoin Fund attracting a substantial share of these inflows. Particularly noteworthy is IBIT’s assets under management, which surpassed $10 billion following a record $612 million inflow in a single day, on Friday.
