Shares of cryptocurrency exchange Coinbase Global ( NASDAQ: COIN ) is spiking some 9% during power hour Monday, as bitcoin ( BTC-USD ) climbs to its highest in over a month, outpacing the overall stock market.
Of course, Coinbase ( COIN ) isn't the only crypto-focused stock catching bids intraday. Galaxy Digital ( OTCPK:BRPHF ) +17.3% , Riot Blockchain ( RIOT ) +12% and Marathon Digital ( MARA ) +21.3% are among some of the biggest winners despite another volatile session in risk assets.
As for the largest digital coin by market cap, bitcoin ( BTC-USD ) is rising 2.7% to $21.58K as of shortly before 4:00 p.m. ET. That's down from its session peak of $22.69K.
Coinbase's ( COIN ) upswing also comes after it gained approval from Italian regulators to provide crypto services to residents of the company in a move that expands its global footprint.
Bear in mind, though, that Seeking Alpha's Quant Rating in mid-May had warned investors that Coinbase ( COIN ) shares are at high risk of performing badly due to negative EPS revisions and declining growth. The stock is off over 20% since that bearish call as of last Friday's close.
Take a look at why SA contributor LK Shelley thinks Coinbase is a Buy .
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Why did Coinbase stock shoot up today? Crypto relief rally, Italy expansion