Coinbase stock jumps following FTX bankruptcy filing
Quick Take
- Coinbase shares were trading up over 7% during early trading on Friday.
- Traders are seemingly encouraged by Coinbase following the downfall of FTX and its bankruptcy filing.
- The stock has lost some of those gains, and as of 11:00 a.m ET was trading at around $53.
Coinbase shares soared in the wake of crypto exchange FTX's bankruptcy filing.
The stock rose as high as 7% from the open, according to TradingView, reaching $55.65. The stock has lost some of those gains, and as of 11:00 a.m ET was trading at around $53, up about 4%.
FTX moved to file for Chapter 11 bankruptcy on Friday, along with more than 100 corporate entities affiliated with the exchange, including Alameda Research and FTX US.
Equities have been buoyant since Thursday's positive U.S. inflation report. Inflation in October came in below estimates of 8% at 7.7%. The S&P 500 had its biggest one-day rally since 2020, gaining 5.5% yesterday, while the Nasdaq jumped 7.4%.
The S&P 500 opened up 0.46%, and the Nasdaq was up 0.88% on Friday. Cathie Wood's Ark Invest added over $32 million worth of Coinbase shares to three different ETFs this week.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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