Key Highlights
- COIN jumped 11.53% to $194.03, pushing its market cap to about $51.29 billion.
- Bitcoin’s rise above $80,000 helped lift Coinbase and other crypto-linked stocks.
- Coinbase filed to list more than 50 single-stock perpetual futures, including contracts tied to Nvidia, Microsoft, and Tesla.
Coinbase Global Inc. shares (COIN) jumped 11.53% during Friday’s trading hours, gaining $20.06 as crypto-linked stocks moved higher across the market.
According to data from Yahoo Finance (on September 18 at 7:10 PM UTC), COIN was trading for $194.03, pushing its market capitalization to around $51.29 billion with a trading volume of $15.1 million.
The move was part of a broader rally in crypto-linked equities as investors responded to developments across the cryptocurrency and financial markets.
Bitcoin rally lifts Coinbase stock
Bitcoin played a major role in the broader market move as it climbed above $80,000. At the same time, a new Securities and Exchange Commission exemption opened a temporary path for some blockchain-based venues to trade tokenized U.S. stocks.
The Crypto Times reported that Bitcoin gained about 5.5% in 24 hours, according to data from CoinGecko (on September 18 at 7:10 PM UTC).
The move came after the Federal Reserve’s interest-rate decision earlier in the week, which kept the federal funds target range at 3.75%–4.00%.
As Bitcoin recovered, the move spread to companies whose businesses are closely linked to the crypto market. Coinbase was among the stocks posting a strong gain, with its shares rising more than 11% during Friday’s session.
SEC opens door for tokenized stocks
The market also had another major development to digest. On September 17, the SEC announced a temporary exemption for qualifying blockchain-based trading venues that want to offer certain tokenized U.S. stocks.
Tokenized stocks are traditional company shares represented on blockchain networks, allowing them to be traded through blockchain-based systems.
The exemption allows eligible Tokenized Securities Venues to trade certain U.S. stocks using permissioned automated market makers and liquidity pools. However, the exemption is temporary and comes with conditions. It does not establish permanent rules for the trading of tokenized stocks.
The timing is important for Coinbase because the exchange is also expanding into stock-related products.
Coinbase plans 50+ stock futures
On September 18, Coinbase said it had filed to list more than 50 single-stock perpetual futures on its regulated U.S. exchange. The proposed contracts would cover some of the biggest companies in the U.S. stock market, including Nvidia, Microsoft and Tesla.
Coinbase said the contracts would give traders 24/5 exposure to individual stocks. Perpetual futures are different from regular futures because they do not have a fixed date when the contract ends. Traders can keep their positions open as long as they continue to meet the required margin conditions.
Coinbase described the planned offering as the first U.S. single-stock perpetual futures product, although it still needs to go through the required regulatory process.
X partnership expands Coinbase reach
The exchange also has another route into stock and crypto trading through X. Coinbase was named a founding brokerage partner for X’s new Cashtag Partner Program. Through the program, X users will be able to start stock and cryptocurrency trades directly through the social media platform.
The partnership gives Coinbase another way to reach users outside its own app and website. It also comes as the company continues to expand its trading and custody services.
Strategy stock also jumps
Coinbase was not the only crypto-linked stock to post strong gains on Friday. The Crypto Times reported that Strategy’s MSTR shares jumped more than 13%, rising from an intraday low near $137 to $150.89 before giving back some of the gains.
The broader move in Bitcoin and crypto-linked equities kept Coinbase in focus during Friday’s session, with COIN gaining 11.53% by the close.
Also Read: Uniswap (UNI) Jumps 28% as SEC Opens Tokenized Stocks to AMMs
