Coinbase Shares Climb 3.06% as Trading Volume Plunge to $2.74B Ranked 30th in U.S. Equities Amid Regulatory Scrutiny and Cost Cuts

Coinbase Global (COIN) closed 3.06% higher on October 8, 2025, despite a 20.13% decline in trading volume to $2.74 billion, which ranked it 30th among U.S. equities. The stock's performance came amid broader market volatility, with investors closely watching regulatory developments and macroeconomic indicators.

Recent market activity for COIN has been influenced by strategic updates from the firm. The company announced enhanced compliance protocols for its institutional custody services, a move analysts suggest could strengthen its position in the institutional crypto market. Additionally, Coinbase highlighted progress in reducing operational costs, which may support long-term profitability amid fluctuating cryptocurrency prices.

To run this back-test robustly I need to pin down a few practical details that were not specified: 1. Market universe • All U.S. listed common stocks (NYSE + NASDAQ + NYSE Arca)? • Or another exchange / global universe? 2. Volume metric for ranking • Raw share volume (number of shares traded) – default • Dollar volume (shares × price) 3. Trading & pricing convention • Buy at today’s close and sell at tomorrow’s close (standard for “holding 1 day”)? • Or enter next day at the open instead? 4. Portfolio construction • Equal-weight the 500 names (default) • Or cap-weight by volume or market cap? 5. Frictions • Slippage / commissions to include? If nothing is provided I will assume zero explicit costs. Once these are clarified I can: • Retrieve daily volume data for the full universe from 2022-01-01 onward • Generate the daily “top-500” basket and corresponding 1-day forward returns • Aggregate performance statistics (CAGR, volatility, max drawdown, Sharpe, etc.) and visualize the equity curve. Please let me know your preferences on the above points so I can proceed.