As Bitcoin trades above $70,000 again, Coinbase shares are following the upward trajectory. Shares of the cryptocurrency exchange are trading at $279.71 on Nasdaq, the highest since November 2021, when the last crypto bull market peaked.
Over the past month, the company’s stock price has jumped by 44 percent, according to Nasdaq data. Looking at the bigger picture, the results are even more impressive, with shares rising by 346 percent over the past year.
San Francisco-based Coinbase went public in April 2021. The company’s shares debuted at $381, but since 2022, they have mostly traded below $200, due to the crypto bear market.
The largest U.S. cryptocurrency exchange has achieved impressive results. Last month, it reported its fourth-quarter 2023 results, showing that it is back in the black, reporting a profit of $273.4 million.
Coinbase is a prominent company providing custodial services to nearly all spot Bitcoin ETF issuers, including BlackRock.
Earlier this month, the company announced a private sale of $1 billion in convertible bonds for institutional investors.
Good news for the crypto market is generally good news for Coinbase, although volatility has led to frequent outages as the platform struggles to keep its systems online.
The price of Bitcoin currently stands at $70,907, according to CoinGecko, marking an increase of nearly eight percent in the last 24 hours. On March 14, the largest cryptocurrency reached a new all-time high of $73,737.
Bitcoin is up 60 percent since the beginning of the year, when it was trading below $45,000.
