Coinbase (COIN) shares extended their rally, setting a new 52-week high as the sentiment in the cryptocurrency industry improves, following Bitcoin’s trend.
Rise of Coinbase Stock
On Wednesday, Coinbase shares surged by 7.1%, reaching an intraday high of $369.25. Recent data show that COIN is trading around $352, reflecting a gain of 2%. The stock has rebounded by 133% from its April low during a broader market sell-off.
Market Capitalization and Revenues
Currently, Coinbase's market capitalization stands at $89.6 billion. The stock has gained over 42% year-to-date, fueled by rising Bitcoin prices, regulatory undertakings, and steady revenue growth. Coinbase reported a revenue of $2.03 billion for the first quarter, which is a 24.2% increase from the previous year.
Mergers and Partnerships
Coinbase's stock is also climbing alongside Circle Internet Group, which recently had a successful initial public offering. Circle's stock, debuting at $31, has surged above $200. Coinbase and Circle maintain a significant partnership focused on the USDC stablecoin, and in 2023, Coinbase acquired an equity stake in Circle.
The current rise in Coinbase stock highlights the company's strengthening position amid positive trends in the cryptocurrency sector and successful partnership with Circle.
