Coinbase, the leading US-based cryptocurrency exchange, is experiencing a surge in its stock price as Bitcoin and the overall crypto market is rallying.
Coinbase, the leading US-based cryptocurrency exchange, is experiencing a surge in its stock price as Bitcoin and the overall crypto market is rallying. With Bitcoin surpassing $70,000 per coin, Coinbase's publicly-traded shares (COIN:NASDAQ) are trading at $279.65, reaching its highest value since the peak of the last crypto bull run in November 2021.
Over the past month, Coinbase's stock price has soared by 44%, and saw an increase of 346% over the past year, according to NASDAQ data. Coinbase went public in April 2021, debuting at $381 per share. However, due to the crypto bear market, its stock traded down to as low as $33.26 on January 6.
Coinbase recently announced plans to raise $1 billion through a private offering of convertible senior notes for institutional investors. The San Francisco-based exchange is also offering various services, including custody, to major players in the crypto industry like BlackRock.
Coinbase's financial performance has been robust, as evidenced by its Q4 2023 results, revealing a profit of $273.4 million. Bitcoin (BTC) currently stands at $70,243, gaining 5.25% over the past 24 hours.
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