2023-07-11 13:17:56 ET
Coinbase Global ( NASDAQ: COIN ) shares shot up as much as 13% on Tuesday, touching its highest level since mid-August 2022, as bitcoin's ( BTC-USD ) rally prompted some cryptocurrency-linked stocks to drive higher.
Bitcoin ( BTC-USD ) advanced 1.1% to $30.6K on continued hopes that the Securities and Exchange Commission will finally approve the first U.S. spot bitcoin exchange-traded fund. Overall, the global crypto market cap edged up 0.8% to $1.19T, according to CoinMarketCap data .
Since COIN is seen as a high-beta version of BTC, it comes at no surprise that the former surged 165% year-to-date compared with the latter's 84% jump. That's despite the company's legal troubles, among other headwinds.
Nonetheless, with the spot BTC ETF craze in full swing, the crypto platform's stock is on track for a third straight day of gains. A number of re-filings for such a product from prominent money managers like BlackRock ( BLK ) and Fidelity Investments had named Coinbase ( COIN ) as a surveillance partner.
More on Coinbase Global:
- Coinbase cut to Neutral at Piper on Valuation, 'too much uncertainty'
- Coinbase: An Anti-Cyclical Bet On The Crypto Market
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Coinbase stock rallies to highest level since August 2022