Coinbase Stock Soars on BlackRock Partnership News

Coinbase Stock Soars on BlackRock Partnership News

Shares of the crypto exchange opened trading up over 31% on Thursday.

Coinbase Global (COIN) shares opened the trading day Thursday up over 31% to $106 after the cryptocurrency exchange announced a new partnership with asset management giant (BLK). Shares were then briefly halted for trading by the Nasdaq for volatility. They were recently trading up 20% to $97.36.

More than 25 million shares of Coinbase were traded in the opening hour of trading, compared to the stock’s average daily volume of 15 million shares.

“Calls that crypto is dead have been overdone,” said Edward Moya, senior market analyst for the Americas at OANDA. “In fact, crypto is alive and well. BlackRock has partnered with CoinBase to make crypto available to institutional investors. This is a much needed positive news for crypto traders and should provide some optimism for the longer-term health of the cryptoverse.”

Coinbase stock has declined over 60% year-to-date with the onset of the cryptocurrency bear market. Shares dipped in late June as rival Binance.US launched zero-fee bitcoin trading. Coinbase recovered some losses earlier this week after Robinhood reported quarterly earnings results that included a sequential gain in crypto revenue.

The company is due to report second-quarter earnings after the close on Tuesday.

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