Coinbase, the leading U.S. cryptocurrency exchange, has witnessed a significant milestone as its stock price surpassed its initial direct listing price for the first time in over two years, propelled by Bitcoin’s surge to a new all-time high.
Initially listed at $250 per share during its direct listing in 2021, Coinbase experienced a surge in its stock price, peaking at $350 per share in November 2021. However, the company concluded its first year on the market with a 38% loss, reflecting the volatility of the cryptocurrency market.
Subsequent years were challenging for Coinbase as the cryptocurrency market cooled off and regulatory scrutiny from the SEC intensified. However, the past year has seen a remarkable turnaround for Coinbase, fueled in part by Bitcoin’s price surge and the SEC’s approval of spot Bitcoin ETFs. Consequently, Coinbase’s stock value has surged by over 300% in the past 12 months.
The latest bull run, which saw Bitcoin hitting a new peak of $70,000, propelled Coinbase’s stock by over 5% today. However, Coinbase is not the only beneficiary of the current bullish market. MicroStrategy Inc., the largest Bitcoin holder, witnessed a 113% increase in its shares over the past month, while NVIDIA’s stock rallied over 20% this month due to its association with Bitcoin mining.
Despite this recent achievement, early investors in Coinbase may not feel entirely vindicated, as the company’s stock had plummeted by 86% by the end of 2022. Nonetheless, Coinbase’s stock has been on a consistent upward trajectory alongside the crypto market, despite recent technical issues reported on its platform, where some users encountered zero balances.
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