2024-02-16 12:13:34 ET
Shares of Coinbase Global (NASDAQ: COIN) rose over 35% this week, according to data from S&P Global Market Intelligence . The leading cryptocurrency trading platform had strong earnings in the fourth quarter and 2023. With prices of cryptocurrency, such as Bitcoin , soaring again, investors have piled back into Coinbase -- and quickly. Bitcoin prices are currently over $52,000 but still below all-time highs.
As of 11:30 a.m. ET on Friday, Feb. 16, Coinbase shares are up 192% in the last 12 months. Here's why the stock was soaring yet again this week.
Coinbase is a place where people can buy and sell cryptocurrencies like Bitcoin. However, this segment actually saw declining revenue in 2023, falling from $2.36 billion in revenue in 2022 to $1.52 billion in 2023.
For further details see:
Why Coinbase Stock Soared Over 30% This Week