Ethereum News Today: Coinbase Stock Hits Record High as Bitcoin and Ethereum Surge 6.5%

Coinbase and Strategy, two prominent players in the cryptocurrency market, set new stock records on Wednesday amidst significant price surges in Bitcoin, Ethereum, and other leading cryptocurrencies. This development underscores the growing influence of major cryptocurrencies on the broader financial markets, particularly for companies deeply integrated into the crypto ecosystem.

The surge in Bitcoin and Ethereum prices has been a key driver for Coinbase's stock performance. Ethereum, ranking as the second most popular cryptocurrency on Coinbase, holds a market dominance of 10%, reflecting its substantial share of the total crypto market. This dominance positions Ethereum as a critical asset for Coinbase, contributing to its overall market valuation and investor interest.

Coinbase, the prominent American crypto exchange, hit a record of $405.88 on Wednesday afternoon, along with a record peak closing price of $398.20—up 2.6% on the day and 6.5% over the last week. The market cap of $101.42 billion is also a record close for COIN, which trades on the Nasdaq and is part of the S&P 500.

Meanwhile, Strategy—the largest corporate holder of Bitcoin with a stash of nearly $72 billion worth of BTC—finished the day with a record market cap. Strategy finished the day at a price of $455.90, up 3% on the day and almost 10% on the week. It closed the day at a market cap above $128 billion. The price of MSTR surged even higher back in November 2024, topping out at $542.99—though it only got as high as $457.22 on Wednesday. The difference is that MicroStrategy has released tens of millions more shares into the market over the past several months, enabling its climb into record market cap territory.

Ethereum treasury companies spiked on Wednesday, with SharpLink Gaming (SBET) jumping 29% to a closing price of $37.38 and BitMine Immersion Technologies (BMNR) rising 12% to $44.80. Similarly, a couple of prominent Solana treasury companies climbed, with DeFi Development Corp. (DFDV) rising 23% to $30.36 and Upexi (UPXI) spiking almost 40% to $7.26.

Recent regulatory filings reveal a mix of high-profile insider sales and shifting regulatory winds for Coinbase. Notably, Coinbase's co-founder and CEO, Brian Armstrong, has been actively selling shares. His Brian Armstrong Living Trust filed a Form 144 on July 14, 2025, disclosing plans to sell 165,443 Class A shares, valued at approximately $65.2 million at the time. This follows earlier sales totaling 846,000 shares between April and June 2025, netting over $215 million. While these transactions represent a small fraction of Coinbase's outstanding shares, the cumulative effect of top-tier insider selling has drawn scrutiny.

CFO Alesia Haas also sold 21,020 shares, valued at approximately $4.5 million, in the second quarter. Her sales, executed under a pre-set Rule 10b5-1 plan, suggest financial planning rather than a lack of confidence. The use of Rule 10b5-1 plans, which lock in trading schedules during “open windows,” mitigates accusations of insider timing. However, repeated high-level selling can erode short-term sentiment, especially amid crypto's cyclical downturn.

Despite the insider sales, a critical shift in the regulatory landscape offers a countervailing tailwind for Coinbase. Recent actions under the Trump administration have scaled back enforcement in crypto, dismissing lawsuits against Coinbase and other exchanges. This reflects a broader strategy to treat meme coins, stablecoins, and crypto mining as non-securities, reducing compliance burdens for exchanges. This regulatory clarity could reposition Coinbase as a beneficiary of institutional momentum, with the SEC focusing on dealer registration conflicts and advisor disclosures rather than crypto exchanges. Coinbase's core business—hosting retail and institutional trading—faces fewer existential threats.

For investors, the key is to separate transient sentiment from structural shifts. Armstrong's sales, while material, are dwarfed by his approximately 22% stake in Coinbase. Similarly, Haas's retained holdings signal continued alignment. Use dips caused by selling as entry points if the stock's valuation remains attractive. Monitor regulatory catalysts, as the SEC's focus on crypto enforcement easing could attract institutional investors. Track COIN's volume spikes post-SEC announcements as a proxy for institutional buying. Compare to crypto market momentum, if Bitcoin and Ethereum stabilize or rebound, Coinbase's top-line growth could accelerate. Pair this with COIN's price-to-sales ratio to assess valuation.

Coinbase's journey mirrors crypto's broader evolution: volatile, misunderstood, yet increasingly resilient. While insider selling introduces noise, the regulatory environment now offers a clearer path for Coinbase to capitalize on its dominance as a regulated crypto gateway. Investors willing to buy the dip on dips tied to selling—and pair this with the long-term regulatory tailwind—could find value here.