What's Going On With Coinbase Global Stock Tuesday?
Portfolio Pulse from Anusuya Lahiri
Coinbase Global Inc (NASDAQ:COIN) is undergoing leadership changes with Rick Schonberg replacing Aaron Schnarch as CEO of Coinbase Custody. The company is preparing to provide custody services for potential spot Bitcoin ETF applicants, with notable clients like BlackRock, Franklin Templeton, and Grayscale Investments. Coinbase Custody, regulated by the New York Department of Financial Services and audited by Deloitte & Touche, is well-prepared for potential ETF approval. The SEC has a deadline of January 10 to decide on a spot Bitcoin ETF application. Despite a recent drop, COIN shares have surged almost 400% in the last year, with a 1.83% increase in premarket trading on Tuesday.
January 02, 2024 | 2:02 pm
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Coinbase Global Inc is poised to provide custody services for Bitcoin ETFs, with a leadership change and a strong client base. The stock has grown significantly, despite a recent drop, and is up in premarket trading.
The anticipation of Coinbase providing custody services for Bitcoin ETFs, along with the SEC's upcoming decision, could positively influence investor sentiment. The stock's strong performance over the past year and the premarket uptick suggest continued investor confidence, although the recent drop indicates potential volatility.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100