Mrzorro
06-27

Options Market Statistics: Coinbase Shares Hit First Record Since 2021 on Stablecoin Fervor


$Coinbase Global, Inc.(COIN)$   shares closed at the highest level ever, capping off a rally fueled by growing acceptance of the cryptocurrency industry on Wall Street and in Washington.

The crypto-exchange operator's stock rose 5.5% on Thursday to $375.07. The previous high was $357.39 in November 2021, just months after the company went public through a direct listing.

Coinbase shares have surged more than 1,000% from a record low in late 2022, which came as the collapse of FTX raised questions about the future of digital assets. The rally's final leg occurred after the US Senate passed legislation for stablecoins pegged to the dollar, which are seen as a promising payment method. Revenues from sources like stablecoins will likely allow the company to reduce its reliance on trading revenue that is coming under pressure as competition grows, Benchmark analyst Mark Palmer said.

The stock's performance serves as"validation of the road map that Coinbase management had laid out to diversify its platform and position itself for long-term growth," Palmer said. "It also signals that the market is acknowledging that crypto is here to stay.”


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Coinbase $2.3B Convertible Note: Smart Move or Red Flag?
Coinbase Global was down 6.3%. The crypto exchange unveiled a convertible note offering worth up to $2.3 billion on Tuesday. Coinbase said it plans to offer $1 billion in convertible senior notes due in 2029, and $1 billion due in 2032 in a private offering. The company also expects to grant options to purchase up to an additional $150 million of each set of notes. -------- How do you view a company issuing new shares at high levels? Is it a case of cashing out on retail investors, or simply a good time to raise funds? At what price would it be a good opportunity to buy the dip?
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