Coinbase Stock Soars as Bitcoin Blasts Back Above $70,000 - Decrypt

Coinbase Stock Soars as Bitcoin Blasts Back Above $70,000 – Decrypt

Time Stamp: March 25, 2024 3:16 PM
Coinbase Stock Soars as Bitcoin Blasts Back Above $70,000 - Decrypt PlatoBlockchain Data Intelligence. Vertical Search. Ai.

As Bitcoin soars back above $70,000 per coin, another crypto investment is roaring alongside it: Coinbase stock. The publicly-traded exchange’s shares (COIN:NASDAQ) are trading at $279.65 a pop—the highest since November 2021, when the last crypto bull run was at its peak. 

Over the past month, the company’s stock price has jumped by 44%, Nasdaq data shows. Zooming out further, the results are even more impressive: COIN is up 346% over the past year. 

San Francisco-based Coinbase went public in April 2021. Its stock debuted at $381 but has mostly traded below $200 per share since 2022, thanks to the crypto bear market. 

But the company, which is America’s biggest crypto exchange, has been on a roll. Last month, it dropped its Q4 2023 results, showing that it was back in the black, reporting a profit of $273.4 million. 

Coinbase is a prominent company that provides custody and other services to nearly all the spot Bitcoin issuers, including Wall Street heavyweight BlackRock. 

Earlier this month the company announced the private sale of $1 billion in convertible senior notes for institutional investors.

Good news for the crypto market is generally good news for Coinbase, although bullish surges have led to frequent outages as the exchange struggles to keep its systems online.

Bitcoin’s price currently stands at $70,631, according to CoinGecko, up nearly 8% in the past 24 hours. On March 14, the biggest digital currency hit a new all-time high of $73,737. 

The asset is also up 60% from the start of the year, when it was trading below $45,000 per coin.

Edited by Ryan Ozawa.

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