COIN Stock Surges 40% in One Month

COIN ended Thursday’s trading session up 5.5%. The stock has gained nearly 24% over the past five trading sessions and 40% in the last month. Its previous all-time closing high was $357.39, recorded in November 2021.

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The market capitalization of Coinbase Global has now reached approximately $89 billion.

Circle’s Momentum Boosts Coinbase

This rally was partly fueled by the recent IPO of Circle Internet (CRCL), the company behind USDC, the second-largest stablecoin by market cap. CRCL debuted on June 4 at $31 per share and surged over 500% to close at $213.63 on Thursday.

According to regulatory filings, in 2024, Circle paid over 60% of its USDC reserve earnings to Coinbase as distribution fees. The agreement between the two companies gives Coinbase 50% of all remaining interest income from the reserves.

First Pure-Play Crypto Firm in the S&P 500

Coinbase officially became the first crypto-native company to join the S&P 500 index as of May 19, which has attracted increased institutional interest in the stock.

Research firm Bernstein recently raised its price target for COIN to $510, calling Coinbase the “Amazon of crypto financial services.”

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The post Coinbase Stock Hits All-Time Closing High, Up 40% Over the Past Month! appeared first on Coin Engineer.