If You Invested $1,000 In Coinbase Stock When The SEC Lawsuit Was Filed, Here's How Much You'd Have Today
Portfolio Pulse from Chris Katje
The SEC filed a lawsuit against Coinbase Global Inc (NASDAQ:COIN) on June 6, 2023, accusing the company of breaking securities rules. Despite this, an investment of $1,000 in Coinbase shares on the day of the lawsuit announcement would have yielded a return of 83.2% in less than three months. The recent ruling in favor of Grayscale Bitcoin Trust (OTC:GBTC) converting to an ETF sent shares of Coinbase, Bitcoin (CRYPTO: BTC), and crypto-related stocks higher.
August 30, 2023 | 3:50 pm
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POSITIVE IMPACT
A $1,000 investment in Bitcoin on June 6, 2023, would have yielded a return of 7.0%.
Bitcoin has yielded a return of 7.0% since June 6, 2023. The recent ruling in favor of Grayscale Bitcoin Trust's conversion to an ETF has increased optimism that Bitcoin ETFs will be approved in short order, which could further boost Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Despite the SEC lawsuit, Coinbase shares have yielded a return of 83.2% in less than three months. The recent ruling favoring Grayscale Bitcoin Trust's conversion to an ETF has also boosted Coinbase shares.
The lawsuit filed by the SEC against Coinbase initially caused a drop in the company's share price. However, the company's shares have since rebounded, yielding a significant return. The recent ruling in favor of Grayscale Bitcoin Trust's conversion to an ETF, for which Coinbase is serving as the custodian, has also positively impacted Coinbase's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The recent ruling in favor of Grayscale Bitcoin Trust's conversion to an ETF has boosted the trust's shares.
The recent ruling in favor of Grayscale Bitcoin Trust's conversion to an ETF has positively impacted the trust's shares. This ruling has increased optimism that Bitcoin ETFs will be approved in short order.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
A $1,000 investment in the SPDR S&P 500 ETF Trust (NYSE:SPY) on June 6, 2023, would have yielded a return of 5.7%.
The SPDR S&P 500 ETF Trust has yielded a return of 5.7% since June 6, 2023. This return is significantly lower than the returns from investments in Coinbase and Bitcoin over the same period.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50