Asset managers are continuing their pushes for spot bitcoin ETF, and Coinbase has the potential to play a role in them.
Coinbase Global Inc. shares roared higher in Monday’s session as asset managers continued their pushes for spot bitcoin exchange-traded funds and highlighted Coinbase’s potential to play a role in them.
Coinbase shares COIN snapped a five-session winning streak Friday in the face of that report, but they rallied Monday in a big way, up 11.7% in the session.The Cboe on Friday afternoon refiled applications for several of the companies that wish to create spot bitcoin ETFs, and these listed Coinbase as the exchange’s surveillance-sharing partner. The Cboe’s refiled applications were for Fidelity, WisdomTree, VanEck and Invesco products.
Coinbase’s Monday rally extended a sharp run higher in recent weeks. The stock is ahead 56% since the close of trading June 12, which was several days before BlackRock filed its application for its spot bitcoin ETF. The shares are also up 37% over the past seven trading sessions.
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