Shares of Coinbase Global Inc.
COIN,
spiked 10.3% higher in afternoon trading Tuesday, to put them on track to close at an 11-month high, despite bitcoin
BTCUSD,
edging up just 0.3%. The cryptocurrency exchange’s stock has been on a tear recently, as it has soared 25.2% just in July, after running up 15.0% in June and rallying 15.6% in May. Meanwhile, bitcoin has inched up 0.1% in July, after soaring 11.8% in June and falling 7.2% in May. Since Coinbase went public in April 2021, the correlation between the stock and bitcoin has been 0.92%, in which 1.00 would mean the moved perfectly in tandem, according to a MarketWatch analysis of FactSet data. Helping fuel recent investor interest in Coinbase, as well as in bitcoin, BlackRock Inc.
BLK,
and several other asset managers recently filed applications for exchange-traded products that invest in bitcoin, and named Coinbase as their partner for surveillance sharing agreements. Coinbase’s stock surge comes as the S&P 500
SPX,
edged up 0.4% on Tuesday, but has slipped 0.5% month to date.
