What Happened?

Shares of blockchain infrastructure company Coinbase (NASDAQ: COIN) jumped 3.7% in the morning session after the broader cryptocurrency market rebounded, partly driven by news that investment firm Vanguard had allowed its clients to access Bitcoin ETFs. This move triggered fresh institutional inflows and a surge in demand from large investors, helping to push Bitcoin's price up by 6.8% to over $92,000. The rally in the crypto space provided a strong tailwind for related stocks. Adding to the positive sentiment, Cathie Wood's Ark Invest recently purchased 28,315 shares of Coinbase, valued at approximately $7.5 million, for its ARKK ETF. Such a significant purchase from a well-known investment firm signaled renewed confidence in the company.

After the initial pop the shares cooled down to $274.52, up 4.4% from previous close.

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What Is The Market Telling Us

Coinbase’s shares are extremely volatile and have had 53 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was about 21 hours ago when the stock gained 3.7% on the news that Wall Street brokerage Bernstein suggested the stock could rise 90%, while the company also launched a new "instant unstaking" feature. The bullish analyst note was part of a "Moderate Buy" consensus rating among Wall Street analysts. Adding to the positive sentiment, Coinbase's new feature allowed users to unstake their crypto assets immediately for a 1% fee, bypassing traditional wait times. The move was also supported by a rebound in the wider crypto market, as Bitcoin's price recovered sharply from an overnight low. This recovery helped lift other crypto-linked stocks, signaling renewed market optimism in digital assets.

Coinbase is up 6.7% since the beginning of the year, but at $274.52 per share, it is still trading 34.6% below its 52-week high of $419.78 from July 2025. Investors who bought $1,000 worth of Coinbase’s shares at the IPO in April 2021 would now be looking at an investment worth $836.22.

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