Coinbase Stock Surpasses Initial Public Offering PriceThe stock price of Coinbase ( NASDAQ:COIN ) has surpassed its initial Public Offering (IPO) price for the first time in over two years, as Bitcoin ( CRYPTOCAP:BTC ) reached a new all-time high.
When the most prominent U.S. crypto exchange entered the public market through a direct listing in 2021, the Genesis price was $250 per share. Initially, the stock experienced a surge, reaching a peak of $350 per share in November 2021. However, it concluded its first year on the market with a 38% loss.
The following years saw Coinbase’s ( NASDAQ:COIN ) shares struggle as the cryptocurrency market plummeted and regulatory scrutiny from the SEC intensified. However, the past year has witnessed a dramatic turnaround for Coinbase ( NASDAQ:COIN ), thanks partly to Bitcoin’s price surge and the SEC’s approval of spot Bitcoin ETFs. As a result, Coinbase’s ( NASDAQ:COIN ) stock value has spiked by over 300% in the past 12 months.
The company’s stock surged over 5% today after the latest bull run saw CRYPTOCAP:BTC reach a new peak of $70,000, but Coinbase ( NASDAQ:COIN ) is not the only company benefiting from the current bull market. MicroStrategy Inc., the largest Bitcoin holder, also increased its shares by 113% in the past month. NVIDIA’s stock also rallied over 20% this month due to its close association with Bitcoin mining.
Despite Coinbase’s ( NASDAQ:COIN ) latest achievement, savvy investors who have held onto their shares since the beginning may not feel completely vindicated. By the end of 2022, the company’s stock had plummeted by 86%.
Nevertheless, Coinbase’s ( NASDAQ:COIN ) stock has been on an upward trajectory alongside the crypto market. The rise comes despite recent technical issues on Coinbase’s platform, where some users reported seeing zero balances.
