Home Business Coinbase Up 11 Percent Thanks to Bitcoin ETF Requests

Coinbase Up 11 Percent Thanks to Bitcoin ETF Requests

Coinbase launches new international crypto exchange

Shares of Coinbase rose 11 percent on Tuesday after it was announced that the exchange platform also for the trading giant Cboe has been designated as a Spot Bitcoin ETF partner. The idea is that Coinbase will share data about the market with various ETF providers. As a result, there should be more transparency, which reduces the chance of manipulation and allows the Securities and Exchange Commission (SEC) to safely give the green light to Spot Bitcoin ETFs.

Strong year for Coinbase

The year 2023 has been fantastic for Coinbase so far when looking at the share price. From the start of the year, shares of CEO Brian Armstrong’s stock exchange platform are up 144 percent. That’s a welcome increase for Coinbase, considering the year 2022 was filled with drama and price declines.

Despite the positive price action of the moment, the share of the stock market is still well below its all-time high. Shortly after the crypto exchange’s stock market debut, it was set at $357.89 on November 9, 2021.

At that time, the bitcoin price also reached its provisional all-time high of $ 69,000. Now that bitcoin is starting to recover again, Coinbase is also seeing its shares slowly climb. However, stocks still have a reasonable way to go before hitting the current all-time high.

High expectations

The market has high expectations about the opportunities for BlackRock and some of its competitors to launch a Spot Bitcoin ETF. That could work in Coinbase’s favor, as the exchange platform is the partner holding the funds’ bitcoin for many applicants.

The listed trading platform is now also designated as a data partner for several fund managers. For that reason, people are more than positive about Coinbase shares at the moment.

BlackRock’s application is also a good thing for bitcoin. After all, this confirms the reputation of the digital currency. BlackRock will not risk its name and reputation if they do not believe in the future of bitcoin.

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