Coinbase Stock Price Is Exceeding 2021 Listing Level

Key Points:

• The Coinbase stock price surpasses the listing price after 2 years.
• The cryptocurrency exchange’s resurgence follows a challenging period.
• Coinbase’s recovery is attributed to the booming cryptocurrency market, particularly the surge in Bitcoin prices to an all-time high of $70,000.

Coinbase Global Inc. (COIN) has made a remarkable return, surpassing its direct listing price for the first time since its debut over two years ago.

Read more: Coinbase Review: Top Trading Platform With Many Supported Features

Coinbase Stock Price Surges Past Direct Listing Milestone

The cryptocurrency exchange witnessed a surge in its stock prices, signaling a significant recovery from its tumultuous journey on the stock market.

On Friday, the Coinbase stock price rose by 5.77% to reach $256.62 per share, marking its highest value since December 2021. This resurgence follows a challenging period for Coinbase, which saw its shares decline by 38% within the first year of trading after its direct listing in 2021.

Coinbase‘s fortunes have turned around in the past year, buoyed by the soaring price of Bitcoin and the SEC‘s approval of exchange-traded funds investing in digital assets. The platform’s shares have surged by over 300% in the last 12 months, reflecting the broader upward trend in the cryptocurrency market.

Bitcoin’s Record High Boosts Investor Confidence in Coinbase

The recent milestone of surpassing the $250 level is particularly significant, given the struggles endured during the 2023 crypto winter, when shares plummeted to $33. This resurgence is closely tied to the performance of the cryptocurrency market as a whole, with Bitcoin reaching an all-time high of $70,000 on March 8.

Investor optimism has been fueled by increased investment flows into Bitcoin exchange-traded funds (ETFs) and speculation surrounding the cryptocurrency’s forthcoming halving. This achievement marks a turning point for the Coinbase stock price and reflects renewed confidence in the future of digital assets among investors.