Coinbase shares surged 19.7% to $324.24 on Monday, their highest close since November 2021, driven by post-election optimism and increased interest in the crypto market.
With a 75% increase over the past week, Coinbase’s stock became one of the most traded, behind only Tesla and Nvidia.
The rally is partly fueled by hopes of regulatory changes, including a potential replacement of SEC Chair Gary Gensler. Coinbase has also approved a $1 billion share buyback and ended Q3 with $8.2 billion in cash.
Meanwhile, the GraniteShares 2x Long COIN Daily ETF, a leveraged fund linked to Coinbase, rose 39.4% and is up 182% for the week, reflecting strong market enthusiasm.
The rise also impacted Bitcoin-related traditional finance (TradFi) products, with BlackRock’s Bitcoin ETF (IBIT) reaching $1 billion in trading volume within 35 minutes.
This indicates strong weekly inflows and growing interest in crypto-linked TradFi offerings. Coinbase’s gains reflect anticipation of favorable regulation, aligning with CEO Brian Armstrong’s prediction of pro-crypto changes.
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