Coinbase stock (COIN) just hit a new all-time closing high, finishing Thursday’s session at $375.25, its highest since going public in April 2021. The crypto exchange giant jumped 6.04% on the day and has surged 40% over the past month, including a 24% rally in just the last five trading sessions.
The previous closing high of $342.98, set in November 2021, has been left behind. The market cap of Coinbase has skyrocketed to $94.04 billion as investors keep flowing in.
One major factor behind the recent rally is the explosive debut of Circle (CRCL), the firm behind USDC, the second-largest stablecoin. Since launching on June 5 at $83.23 per share, Circle stock has skyrocketed over 156%, closing at $213.63 on Thursday.
According to filings, Coinbase earned more than 60% of Circle’s USDC income last year as part of a revenue-sharing deal. Coinbase also receives 50% of the interest income from USDC reserves.
Circle’s USDC currently holds $61.45 billion in market share, trailing only Tether (USDT). This deep partnership with Circle is paying off in a big way for Coinbase.
Adding more fuel, Coinbase recently became the first pure crypto company to join the S&P 500 index, which went live on May 19. Analysts are bullish, with Bernstein raising its target to $510 and calling Coinbase the “Amazon of crypto financial services.”
With strong momentum and growing investor confidence, Coinbase continues to shine as crypto adoption rises.
Also Read: Bernstein: Coinbase is ‘Most Misunderstood’ Stock, Can Rally 50%
