According to Tradingview data, Coinbase’s COIN stock has surged to its highest level since late April 2022, reaching $115 USD, marking a growth of 216%.
Market observers have linked COIN’s price performance to the overall positive trend observed in the cryptocurrency space, where leading digital assets like Bitcoin, Ethereum, and Solana have seen gains of over 100% in the past year.
Over the past year, Coinbase has emerged as one of the largest companies in the industry following the downfall of some cryptocurrency firms. The strong reputation of the exchange has played a significant role in their business operations, especially as they have heavily advertised a strong compliance-first approach in the wake of issues faced by competitors like Binance.
Coinbase CEO Brian Armstrong has stated that this approach has proven to be right, emphasizing how the company’s commitment to “compliance to become a long-lasting company” can withstand the test of time.
Additionally, the company has played an active role in several spot Bitcoin ETF (Exchange-Traded Fund) applications with the U.S. Securities and Exchange Commission (SEC). Several candidates, including Fidelity, Invesco, WisdomTree, VanEck, and Ark 21 Shares, have agreements in place for Coinbase to act as the index provider. Furthermore, the company will help asset managers like Franklin Templeton manage their funds’ BTC holdings.
Meanwhile, the exchange has expanded significantly, obtaining a license from Bermuda to deploy an international exchange and providing perpetual futures trading to non-U.S. retail customers. It has also secured licenses in several European countries, including the Netherlands, Spain, Ireland, Singapore, and Italy, as part of its global expansion efforts.
Coinbase has also rolled out various products, including the creation of services for institutional lending, the addition of new assets, and the consolidation of its USD and USDC order books.