Coinbase Global Inc., the most popular cryptocurrency platform in the US, is valued at $36.70 billion on the market, which makes it the 504th most valuable firm in the world. Its stock COIN has climbed 369.24% YTD (year-to-date).
According to data on the cryptocurrency market provided by Coinmarketcap, the price of Bitcoin has surpassed $42,000 as of this writing. Due to this reason, the market capitalization of Coinbase may have increased.
Another reason behind the increase in value of the cryptocurrency is that the hype over spot Bitcoin ETFs is driving up the price of the asset.
Additionally, Coinbase has narrowed its emphasis because of its custodial arrangement with BlackRock, the biggest asset manager in the world.
The record for Coinbase’s quarterly finances for this year is displayed in the following image.
Although Ark Invest, the financial firm owned by Cathie Wood, has made Coinbase investments, in the past week ARK has sold off almost $100 million worth of COIN shares. The company has been liquidating its COIN position for the previous few weeks; on December 8, 335,860 shares were sold off.
The latest ruling by Judge Analia Torres in the Ripple v. SEC case, holding that XRP is not a security, gives legal expert John Deaton hope and gives Coinbase’s defense a significant assist.
Also Read: Warren Challenges Coinbase and Blockchain Lobbying
