- Coinbase stock price has surged 44% in the past month alongside Bitcoin’s price increase, reaching its highest level since November 2021. The company recently raised $1 billion through a notes offering.
- Coinbase returned to profitability in Q4 2022, reporting a profit of $2.734 million after struggling during the crypto bear market in 2022. It provides services to major institutions like BlackRock.
- Bitcoin’s price neared $70,000, up 60% since the start of the year. Its recent rally to all-time highs near $74,000 has boosted crypto market sentiment.
Coinbase is a popular Bitcoin trading platform that recently saw its stock price surge alongside Bitcoin. The publicly-traded exchange’s shares (COIN) are trading at $279.65, the highest since November 2021 when the last crypto bull run was at its peak.
Coinbase Stock Jumps 44% in Past Month
Over the past month, the company’s stock price has jumped by 44%. Zooming out further, the results are even more impressive – COIN is up 346% over the past year.
San Francisco-based Coinbase went public in April 2021. Its stock debuted at $381 but has mostly traded below $200 per share since 2022, thanks to the crypto bear market.
Coinbase Raises $1 Billion Through Notes Offering
Earlier this month, the company announced the private sale of $1 billion in convertible senior notes for institutional investors.
The idea behind the sale is that qualified institutional buyers purchase these notes, which are senior unsecured debt obligations, and receive interest on them. The notes are convertible to equity in certain cases.
Coinbase Returns to Profitability
But the company, which is America’s biggest crypto exchange, has been on a roll. Last month it dropped its Q4 2023 results, showing that it was back in the black, reporting a profit of $2.734 million.
Coinbase is a prominent company that provides custody and other services to nearly all the spot Bitcoin issuers, including Wall Street heavyweight BlackRock.
Bitcoin Price Nears $70,000
Good news for the crypto market is generally good news for Coinbase, although bullish surges have led to frequent outages as the exchange struggles to keep its systems online.
Bitcoin’s price currently stands at $70,631, according to CoinGecko, up nearly 8% in the past 24 hours. On March 14, the biggest digital currency hit a new all-time high of $73,737.
The asset is also up 60% from the start of the year when it was trading below $45,000 per coin.
