For the first time in over two years, Coinbase’s COIN stock has crossed the symbolic threshold of $250, which was its initial listing price.
A triumphant comeback for Coinbase
The COIN shares of Coinbase have reached a level that many had almost forgotten, surpassing the initial direct listing price of $250 that was set during its IPO. This milestone marks the first time in over two years that the exchange platform’s shares have traded at such a high level, with COIN reaching over $269 last Friday.
Coinbase’s prospects have significantly improved alongside the resurgence of the cryptocurrency market. The rise in cryptocurrency prices, particularly Bitcoin, has contributed to a significant appreciation of the US-based exchange’s stock price.
In fact, Coinbase’s shares have recorded a spectacular increase of over 350% compared to the previous year, where they were trading slightly above $53.
Bitcoin Spot ETFs: A key factor in Coinbase’s rise
While the increase in BTC price is likely the primary reason for Coinbase’s stock valuation, the company is also benefiting from its crucial role in the majority of Bitcoin Spot ETFs currently traded in the United States. The recently launched products have generated over $100 billion in transaction volume, thus solidifying Coinbase’s position as a central player in the ecosystem.
Despite these recent successes, Coinbase still has some ground to cover before reaching a new all-time high. The highest peak of the company’s shares was reached in November 2021, when the stock peaked at nearly $343.
