Coinbase Shares Surge 12.7% on Fresh SEC Regulations
On August 19, Coinbase shares surged 12.7%, outperforming Bitcoin's 6.14% increase.
The surge occurred as investors reacted to fresh SEC regulations and a Senate vote scheduled for September 15.
The SEC introduced two specific exemptions for token offerings: one for up to $5 million spread over four years, and another for up to $75 million within any 12-month span.
Coinbase CEO Brian Armstrong stated the company is 'no longer a bet just on the price of Bitcoin,' as transactions accounted for 52% of net revenue in the second quarter, while subscription and services contributed 48%.