Coinbase Global Surges 2.3% Amid Crypto Infrastructure Expansion and Derivatives Push

Summary
• Coinbase Global (COIN) trades at $258.49, up 2.295% from $252.69
• Intraday range spans $253.82 to $263.07 with 2.825% turnover rate
• Options chain shows heightened activity in 260–270 strike prices
• Zacks analysis highlights COIN’s shift to “Everything Exchange” model

Coinbase Global’s shares surged 2.3% in volatile trading as the crypto exchange expands its derivatives business and navigates regulatory clarity. With the stock trading near its 52-week high of $444.645, investors are weighing the impact of its Deribit acquisition and Base network growth against broader market jitters in financial stocks.

Derivatives Expansion and Base Network Growth Drive COIN’s Rally
Coinbase’s 2.3% intraday gain reflects its strategic pivot to high-margin derivatives and institutional services. The Deribit acquisition has accelerated derivatives volumes beyond $840 billion in Q3 2025, while the Base Layer-2 network’s developer ecosystem growth is monetizing sequencer fees. Zacks analysis underscores COIN’s shift from crypto price dependency to recurring revenue streams, though rising costs and regulatory uncertainty remain headwinds.

Leveraged ETFs and Options Playbook for COIN’s Bullish Momentum
• 200-day average: 287.91 (below current price) • RSI: 53.13 (neutral) • MACD: -5.90 (bullish divergence) • Bollinger Bands: 227.81–258.17 (price near upper band)

COIN’s technicals suggest a short-term bullish trend amid its breakout above the 200-day average. The 53.13 RSI indicates balanced momentum, while the MACD histogram’s positive divergence hints at sustained buying pressure. For leveraged exposure, GraniteShares 2x Long COIN Daily ETF (CONL) and Direxion Daily COIN Bull 2X ETF (CONX) offer amplified upside, though their 4.88% and 5.20% intraday gains highlight volatility risks.

Top Options Contracts:
• COIN20260123C267.5 (Call, $267.5 strike, Jan 23 expiry):
- IV: 57.57% (high volatility)
- LVR: 44.15% (aggressive leverage)
- Delta: 0.365 (moderate directional sensitivity)
- Theta: -0.830 (rapid time decay)
- Gamma: 0.0153 (strong price sensitivity)
- Turnover: 1.5M (liquid)
- Payoff at 5% upside ($271.41): $4.41/share
- Why it stands out: High leverage and gamma make it ideal for a short-term rally, with theta decay favoring quick moves.

• COIN20260123C265 (Call, $265 strike, Jan 23 expiry):
- IV: 57.03% (high volatility)
- LVR: 38.94% (moderate leverage)
- Delta: 0.401 (balanced directional exposure)
- Theta: -0.875 (rapid time decay)
- Gamma: 0.0159 (strong price sensitivity)
- Turnover: 1.5M (liquid)
- Payoff at 5% upside ($271.41): $6.41/share
- Why it stands out: Slightly in-the-money strike offers a safer entry with comparable gamma and liquidity, ideal for a conservative bullish play.

Action: Aggressive bulls may consider COIN20260123C267.5 into a breakout above $267.5, while conservative traders can target COIN20260123C265 for a safer entry. Both contracts benefit from COIN’s momentum above the 200-day average and Base network monetization.

Backtest Coinbase Global Stock Performance
The backtest of Coinbase's (COIN) performance following a 2% intraday surge from 2022 to the present shows poor results. The strategy's CAGR is only 2.57%, lagging the benchmark by a significant 34.88%. With a maximum drawdown of 86.53% and a Sharpe ratio of 0.03, the strategy indicates a high-risk, low-reward profile.

COIN’s Bull Case Gains Legs—Watch 267.5 Breakout for Extended Move
Coinbase’s 2.3% rally is underpinned by its derivatives expansion and Base network growth, though valuation risks persist with a 8.19x forward P/S. The 53.13 RSI and MACD divergence suggest momentum is intact, but traders must monitor the 200-day average at $287.91 as a key resistance. For now, the COIN20260123C267.5 and COIN20260123C265 options offer leveraged access to a potential breakout. Meanwhile, sector leader Nuveen Minnesota Quality Municipal Income Fund (NMS) rose 0.38%, signaling broader market caution. Watch for a $267.5 close to validate the bullish case and trigger a retest of the 52-week high.