During the initial half of 2023, Coinbase shares experienced a significant surge, rocketing over 30% this week as Nasdaq and Cboe refiled spot bitcoin exchange-traded fund (ETF) applications on behalf of numerous fund managers. The revisions highlighted that, upon ETF approval, Coinbase has been asked to serve as a surveillance-sharing agreement (SSA) collaborator.
Coinbase Shares Skyrocket Over 30% After Nasdaq and Cboe Amend Bitcoin ETF Applications
Coinbase (Nasdaq: COIN) observed a 30.82% increase in its shares throughout the past week, and six-month data reveals that COIN has jumped 131% against the U.S. dollar. Despite this substantial growth, the firm’s shares remain down 79% from their all-time peak.
On September 30, 2021, COIN’s value was $319 per share; currently, it stands at $79.93. This recent upswing likely stems from multiple ETF managers applying for a spot bitcoin ETF and designating Coinbase as their funds’ SSA associate. Nasdaq and Cboe performed this action for several fund sponsors, as indicated in the latest amendments.
The San Francisco-based crypto exchange is concurrently contending with a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC alleges that Coinbase violated numerous securities regulations and “failed to register its staking-as-a-service program as required by securities laws.”
Coinbase submitted a motion to dismiss the case against the crypto exchange, asserting that it “is not, and has never been, a securities exchange, or a broker, or a clearing agency under the federal securities laws.” Coinbase further emphasized that although Congress is considering regulating digital currencies, no legislative measures have been implemented granting “the SEC any powers to regulate digital asset exchanges, much less retroactively.”
While COIN has thrived this week against the greenback, multiple other publicly traded companies experienced rising stock prices following the crypto market’s recent surge. Alongside COIN, firms such as Riot Platforms, Microstrategy, Cleanspark, Bitfarms, and more have recently amassed double-digit returns. Nonetheless, COIN has outshined the competition regarding crypto-related shares registering gains in the past week.