Coinbase Stock Hits All-Time High, Surges 40% in a Month

Coinbase stock (COIN) has reached a new all-time closing high, finishing Thursday’s session at $375.25, marking its highest point since going public in April 2021. The crypto exchange giant experienced a 6.04% increase on the day and has surged 40% over the past month, including a 24% rally in just the last five trading sessions. The previous closing high of $342.98, set in November 2021, has been surpassed. The market capitalization of Coinbase has skyrocketed to $94.04 billion as investors continue to pour in.

One of the major factors behind the recent rally is the explosive debut of Circle, the firm behind USDC, the second-largest stablecoin. Since launching on June 5 at $83.23 per share, Circle stock has skyrocketed over 156%, closing at $213.63 on Thursday. According to filings, Coinbase earned more than 60% of Circle’s USDC income last year as part of a revenue-sharing deal. Coinbase also receives 50% of the interest income from USDC reserves. Circle’s USDC currently holds $61.45 billion in market share, trailing only Tether (USDT). This deep partnership with Circle is paying off significantly for Coinbase.

Adding more fuel to the rally, Coinbase recently became the first pure crypto company to join the S&P 500 index, which went live on May 19. Analysts are bullish, with Bernstein raising its target to $510 and calling Coinbase the “Amazon of crypto financial services.” With strong momentum and growing investor confidence, Coinbase continues to shine as crypto adoption rises.