Key Highlights
- Coinbase stock surged over 11% to around $160, pushing its market cap to about $42.86 billion.
- Deribit plans to launch US stock and ETF perpetual contracts on August 31, expanding Coinbase’s derivatives business.
- COIN broke above the $158 resistance level, while its RSI reached 60 and the stock approached the next resistance at $164.
Coinbase stock price surged about 11% during today’s trading hours as investors poured more funds inside the asset.
At the time of reporting, COIN is trading for $163.33 after spiking from a daily low around $146. This pushed its market capitalization to around $42.86 billion in value, with an average volume of about $7.9 million.
What is causing the stock to surge?
The stock spiked up following some recent developments including Deribit’s plan to launch perpetual contracts for US stocks, ETFs, commodities and pre-IPO assets on August 31. Deribit was acquired by Coinbase in 2025.
According to the annulment, the new contracts will allow traders to follow the prices of these assets through perpetual products. They will be quoted, margined and settled in USDC, while trading will be available 24 hours a day, seven days a week. Special pricing, liquidity and risk rules will apply outside normal market hours.
Coinbase prepares for more derivatives trading
The planned launch is part of Coinbase’s wider push into derivatives. Coinbase is also moving its international derivatives trading from International Exchange to a Deribit-powered gateway using the Starbase matching engine. The full migration is expected to be completed on September 9, 2026.
Once the changes are in place, the new setup is expected to offer more than 125 perpetual contracts. These will include stock and commodity contracts, with leverage of up to 50x. The plan also includes deeper liquidity and faster execution, while options and dated futures are expected to come later.
The Deribit acquisition has given Coinbase a bigger position in the crypto derivatives market. Deribit is known for its derivatives business, and bringing the exchange into Coinbase has added more products to the company’s trading operations.
Coinbase is also moving further into tokenized assets. Last week, its Abu Dhabi entity secured regulatory approval from the Abu Dhabi Global Market to operate as a global hub for tokenized securities. The approval allows it to support blockchain-based representations of traditional equities.
Coinbase makes USDC easier to access in Brazil
Aside from this, the company has also been working to make USDC easier to access in Brazil. Earlier today, Coinbase introduced direct Brazilian real, or BRL, trading for USDC on Coinbase Advanced. Eligible users can now buy and sell USDC directly against the Brazilian real instead of taking an extra step.
Coinbase said the new setup reduces the cost of BRL-based USDC onramping by 85%. The company did not give a full breakdown of the old and new fees, and the reduction applies specifically to the BRL-to-USDC onramp.
COIN breaks resistance level, approaching overbought level
The chart on the daily time frame shows a massive spike to the upside. This spike pushed the price above the resistance level at $158, turning it to a support level. However, the stock has not moved above all of its key moving averages. COIN is trading above its 20-day and 50-day moving averages but remains below its 200-day moving average.
The stock is now approaching the next resistance level at $164 which its price had reacted to. Moreover, the Relative Strength Index (RSI) is at 60, which suggests that price is trading towards an overbought level but still has more room to trade to the upside.
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