Coinbase Hits $375.07 All-Time High Amid Futures Launch

At least five law firms have filed identical class action lawsuits against Bitcoin treasury firm Strategy, formerly known as MicroStrategy. The lawsuits allege that the company misrepresented the risks associated with its Bitcoin buying plans. Two law professors explained that these identical filings are a way for each firm to signal interest in leading the case once they are consolidated into a single class action. The courts will choose a lead plaintiff, typically a large institution like a pension fund, who will then appoint counsel. The motivation for these lawsuits is clear: the fees can be very lucrative, potentially reaching tens of millions of dollars in the biggest cases.

Meanwhile, Coinbase reached a new all-time closing price of $375.07 on Thursday. The company announced that it will launch U.S.-regulated Bitcoin and Ethereum perpetual futures next month. This move is significant as traders have been eagerly awaiting the introduction of perpetual futures, which have seen substantial trading volumes in the past. Coinbase's entry into this market could further boost its position in the crypto exchange landscape.

Additionally, Base, an Ethereum layer-2 network incubated by Coinbase, has expanded its offerings to include Cardano and Litecoin. This addition makes it easier for holders of these cryptocurrencies to interact with Ethereum's decentralized finance (DeFi) ecosystem, providing access to popular protocols like Aave, Compound, and Curve. This development underscores Coinbase's commitment to enhancing its services and expanding its user base.