Coinbase's market cap relative to Uniswap surges

The Block • July 15, 2023, 6:18PM EDT
Published 1 hour and 45 minutes earlier on
The Block

Quick Take

  • The Block’s data dashboard shows the ratio between the two firms’ market caps has surged, hitting a yearly high of 6.2 on July 13.

The broader rally in global equities and cryptocurrencies has not helped the market capitalization of one of the decentralized finance market's darlings. 

While Coinbase has seen its shares surge by more than 213% since the beginning of the year--supercharged by BlackRock's surprise filing for a spot bitcoin exchange-traded fund--the market cap of DeFi exchange Uniswap hasn't budged. The market cap of the DEX has held steady, hovering around $4 billion for much of the year. 

Coinbase, meanwhile, has seen its market cap increase from over $7 billion at the beginning of the year to nearly $25 billion on Friday. 

The Block's data dashboard shows the ratio between the two firms' market caps has surged, hitting a yearly high of 6.2 on July 13.

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Coinbase rallied more than 20% on Thursday alongside the broader crypto market after a judge ruled that Ripple Lab's sales of XRP on exchanges did not violate securities laws. 

Private investment firm WedBush said in a Thursday report that it increased its price target on the company to $110.

"We are specifically encouraged by the suggestion that XRP sale on the public exchanges did not involve securities," the firm wrote.

Needbush also increased its price target to $120 from $70 following the decision, Coinbase reported.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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