Coinbase shares close at highest level since November 2021 amid post-election optimism
Quick Take
- Coinbase’s stock is up 75% over the past five trading days following the U.S. presidential election.
- COIN was one of the five most traded stocks in Monday’s session.
Markets have continued to rise since Donald Trump won the U.S. presidential election, and Coinbase has become one of the standout performers over the past week.
The U.S. crypto exchange, which trades under the ticker COIN, closed Monday's session up 19.7% at $324.24. That's the highest closing mark for the stock since Nov. 19, 2021, according to Yahoo Finance. The stock's all-time closing high came earlier that month (Nov. 9) at $357.39 after hitting an all-time intraday high of $368.90.
"Bitcoin mania taking over the stock market too as Coinbase and Microstrategy are both in Top 5 most traded stocks today, something i've never seen, only Tesla and Nvidia more," Bloomberg ETF analyst Eric Balchunas said earlier Monday in a post on X. "Feels like a craze, at least for the moment."
Coinbase's stock is up 75% over the past five trading days after sitting in a $150 to $280 trading range for the better part of the year.
"I think especially that promise to fire SEC Chair [Gary] Gensler on day one in office is why you're seeing stocks like Coinbase and Robinhood do so well," CNBC’s MacKenzie Sigalos said Monday. "You've got Coinbase that's been fighting the regulator for over a year in court... so It may not materialize in an actual lawsuit if you see a change in leadership at the top of the SEC."
Coinbase, on Oct. 15, asked a court to rule on its request to obtain documents from the U.S. Securities and Exchange Commission about how securities laws apply to crypto. According to the filing, the SEC said it would take three years to produce the documents Coinbase wants.
Coinbase said on Oct. 30 that its board of directors had authorized a $1 billion share repurchase program. The crypto exchange ended the third quarter with $8.2 billion in USD resources, an increase of $417 million from the previous quarter.
Meanwhile, the GraniteShares 2x Long COIN Daily ETF (CONL) rose 39.4% to close at $67.81. A leveraged ETF uses financial derivatives and debt to amplify the daily returns of an underlying security, in this case, Coinbase shares. CONL is up 182% in the past week alone.
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