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Coinbase Shares Are Surging: What’s Going On? – Coinbase Glb (NASDAQ:COIN)

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Coinbase Shares Are Surging: What’s Going On? – Coinbase Glb (NASDAQ:COIN)


Coinbase Global Inc. (NASDAQ:COIN) shares are moving higher Tuesday afternoon, coinciding with upward movement in the price of Bitcoin (CRYPTO: BTC). Here’s a look at what’s going on.

What To Know: Bitcoin, the largest cryptocurrency by market cap, has climbed approximately 2% in the past 24 hours and is currently hovering around $70,500. Bitcoin is now up more than 4.25% over the past week, according to Benzinga Pro.

The positive momentum across crypto markets may be spurring some of the buying in crypto-related stocks, including Coinbase, which was up about 6% at last check. Coinbase operates the leading cryptocurrency exchange platform in the United States and tends to benefit from volatility in crypto prices.

Some of bitcoin’s surge may be due to continued inflows into Bitcoin spot ETFs. On Monday, Bitcoin spot ETFs recorded a net inflow of $105 million, marking 15 consecutive days of positive inflows and bringing the total net inflow for the period to over $2.28 billion.

Related Link: Bitcoin Spot ETFs On 15-Day Inflow Streak As Wisconsin Starts Buying Bitcoin

How To Buy COIN Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Coinbase’s case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

COIN Price Action: Coinbase shares were up 6.11% at $245.51 at the time of writing, according to Benzinga Pro.

See Also: Bitcoin Will Achieve Half The Market Cap Of Gold, Predicts VanEck CEO

Photo via Shutterstock.

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



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