Coinbase (COIN) Stock Hits New All-Time High Ahead of Crypto Bill Signing
Highlights
- The COIN stock has rallied to as high as $436 today, up over 6%.
- This comes ahead of the stablecoin bill signing at the White House.
- The stablecoin bill is bullish for Coinbase given its payment service.
The COIN stock has just hit a new all-time high (ATH), surpassing its highest level since its initial public offering (IPO) in 2021. This comes ahead of the GENIUS Act signing today at the White House, which is bullish for Coinbase, considering how stablecoins form a major part of its operations.
COIN Stock Hits New All-Time High
TradingView data shows that Coinbase stock has hit a new all-time high, surpassing the $429 level it reached on its IPO day in 2021. The stock is up over 6% today and is currently trading at around $436 at the time of writing.
The COIN stock rally follows the U.S. House’s passing of the stablecoin bill, the GENIUS Act. The passage of the bill is massive for Coinbase as its stablecoin business accounts for around 15% of its revenues.
The bill is expected to boost the stablecoin industry in the U.S. As such, there is the likelihood that the crypto exchange could record an increase in its revenue over time. The GENIUS Act is also the reason why Bernstein analysts raised their COIN stock target to $510 earlier this year.
Moreover, Coinbase is also expanding its stablecoin business by integrating with Shopify. The exchange has already rolled out the payment service, which would enable merchants to accept payments using the USDC stablecoin.
The stock is simply building on this momentum as the GENIUS Act becomes law today. Trump already announced that there is a “big signing” happening at 2:30 p.m. EST today.
Besides the Coinbase stock, other crypto stocks, CRCL, HOOD, GLXY, are also up today amid optimism about regulatory clarity through the stablecoin bill. Notably, the CRCL stock is up double digits while Robinhood and Galaxy Digital’s stocks are up over 6%.
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