Options Market Statistics: Coinbase Shares Hit First Record Since 2021 on Stablecoin Fervor
$Coinbase Global, Inc.(COIN)$
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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