Coinbase Outpaces S&P 500 With 43% June Rise as Stablecoin Narrative Grows: CNBC
Shares of Nasdaq-listed cryptocurrency exchange Coinbase (COIN) rose 43% this month, making the firm the top performer in the S&P 500 since it joined the index at the end of last month.
June’s run is already the stock's best since November and caps three straight monthly gains. Coinbase’s shares reached their highest level since their public debut.
COIN hit a $382 high this week before enduring a slight correction, ending the week at $353 and seeing a slight 0.7% drop in after-hours trading to $351.
The wider S&P 500 index rose roughly 5% in June as geopolitical tensions eased.
Washington’s progress on the GENIUS Act, Congress’s first rulebook for dollar-pegged stablecoins, helped shift investor focus from trading fees to stablecoin revenue.
The bill brightened the outlook for Circle, whose shares hit a record high and saw its market cap near that of Coinbase this week.
Coinbase keeps all yield on USDC balances held on its platform and nearly half of other USDC income, equal to about 99 percent of Circle’s revenue, giving shareholders indirect exposure at no added cost, CNBC reported Friday, citing analysts including Citizens' head of financial technology research Devin Ryan.
Trading, however, remains subdued. Average daily volume on Coinbase has drifted lower since April.
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In June, Coinbase's impressive 43% rise surpassing the S&P50 active trading strategy of embracing and growing narratives around stablecoin underscores its commitment to being a driving force within cryptocurrency markets amidst evolving market trends."
Coinbase's 43% June surge outpacing the S&P gains solidifies its position amidst expanding interest in stablecoins, as per CNBC. The news underscores investors’ aggressive pursuit of cryptocurrency platforms companies due to their future-oriented potential.
This month's 43% surge for Coinbase fuels a growing narrative on the benefits of store-of value stablecoins amidst volatile markets, clearly outpacing even one sole index like S&P50$. The company’sfortunes appear to coincide with an expanding demand across crypto space.
Coinbase's 43% rise in June only scratches the surface of its potential, demonstrating a strong correlation with growing confidence and investment flow as stablecoins narratives spread across markets like an assured coin on CNBC.
