Coinbase share climbs alongside Bitcoin
Coinbase shares trade in tandem with cryptocurrency
As Bitcoin (BTC) surpasses the psychologically significant level of $ 50,000 for the first time since May, shares of the cryptocurrency exchange platform Coinbase Global Inc (NASDAQ: COIN) are also on the rise. At the last check, COIN rose 2.8% to trade at $ 264.58. Additionally, today’s price action comes after last week’s announcement that Coinbase will buy $ 500 million worth of crypto on its balance sheet and allocate 10% of quarterly profits to a portfolio of crypto assets.
Coinbase stock, which has been listed on the stock exchange since its long-awaited initial public offering (IPO) on April 14 of $ 250 per share, just found recent support from its 50-day moving average, after rebounding to the 240 level. $ last week. Over the past month, stocks rose 14.4%.
Of the 15 analysts covered, nine have a “strong buy” rating on COIN, five a lukewarm “hold” and a “strong sell” rating. Meanwhile, the 12-month consensus price target of $ 383.50 is a 45.8% premium from current levels.
In the options booths, 2.58 calls were bought for each sale in the last 10 days on the International Securities Exchange (ISE), Cboe Options Exchange (CBOE) and NASDAQ OMX PHLX (PHLX). So far this morning, 12,000 calls and 2,685 puts have crossed the bar, with the weekly 8/27 call at 270 moves being the most active.