Coinbase Global (COIN) shares continued to rise on Wednesday, reaching a new 52-week high and approaching the record closing price from November 2021, as the entire digital asset industry followed the trend of Bitcoin (BTC).
According to Yahoo Finance data, the cryptocurrency exchange's stock price rose as much as 7.1% on Wednesday morning, hitting an intraday high of $369.25. COIN's last trading price was around $352, with an increase of 2%.
The stock has rebounded 133% since its low in April, when widespread market sell-offs were triggered by U.S. President Donald Trump's announcement of "liberation day" tariffs.
With this increase, COIN has set a new 52-week high, just 2% shy of its all-time closing price of $357.39, according to Macrotrends data.
At its current value, Coinbase's total market capitalization stands at $89.6 billion, making it one of the most valuable cryptocurrency-related companies.
Since the beginning of the year, Coinbase shares have risen over 42%, driven by the increase in Bitcoin (BTC) prices, regulatory developments supporting the industry in the U.S., and steady revenue growth.
Although Coinbase's first-quarter revenue fell short of expectations, it still rose 24.2% year-over-year to $2.03 billion. Subscription and services revenue grew by 36.3% to $698.1 million, primarily driven by stablecoin revenue.
Coinbase's stock rose alongside the highly successful initial public offering (IPO) of stablecoin issuer Circle Internet Group.
Circle's stock debuted at $31 per share under the ticker symbol CRCL and has since soared to over $200.
Coinbase and Circle maintain a significant partnership regarding the USDC stablecoin, a relationship that deepened in 2023 when Coinbase acquired equity in Circle.
As Cointelegraph recently reported, Circle briefly became the largest holding in VanEck's MVIS Global Digital Assets Equity Index (MVDAPP), which tracks the largest and most liquid publicly traded crypto companies.
However, as of Wednesday, Coinbase has reclaimed the top position in the MVDAPP.
Related: U.S. regulators urge Fannie Mae and Freddie Mac to consider incorporating cryptocurrency into mortgage risk assessments
Original article: “Coinbase Stock Nears All-Time High After 42% Increase This Year”
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