Coinbase Global stock has experienced a massive surge in post-market trading, coinciding with a remarkable uptick in the value of Bitcoin (BTC).
Bitcoin has skyrocketed by over 10% in the last 24 hours and 20% in the past week. Multiple favorable developments have set the stage for an exciting day in the broader cryptocurrency market.
This momentum in Bitcoin is partially attributed to sustained optimism surrounding a potential Bitcoin spot exchange-traded Fund (ETF). Grayscale has recently submitted an S-3 filing with the SEC (Securities and Exchange Commission) to list the Grayscale Bitcoin Trust shares on the NYSE Arca. This move is part of the company’s relentless pursuit to transform the trust into a spot Bitcoin ETF.
The company said:
“We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors.”
In another surprising turn of events, the SEC has recently announced its decision to seek the dismissal of all claims against Ripple CEO Brad Garlinghouse and Executive Chair Chris Larsen. This development is further fueling the excitement in the broader cryptocurrency market.
Coinbase, the leading cryptocurrency exchange platform in the United States, is committed to building a more accessible, efficient, and transparent financial system powered by crypto.
Coinbase (NASDAQ: COIN) prepares to unveil its third-quarter financial results on November 2. According to estimates from Benzinga Pro, Coinbase is expected to report a loss of 53 cents per share alongside a revenue of $654.076 million.
The Coinbase Global stock performance in 2023 has been spectacular, with an impressive year-to-date surge of over 118%. At the time of reporting, Coinbase shares are enjoying a 5.49% increase, trading at $81.45.