Crypto
Coinbase Stock Surges 12% as Bitcoin Clears $80,000 Amid Regulatory Relief
Coinbase stock rose by 12% on September 18 after Bitcoin cleared $80,000 for the first time in weeks. This move made Coinbase the top percentage gainer in the S&P 500 that session.
The SEC's exemption on September 17 letting platforms trade tokenized versions of US stocks without registering as full exchanges was a contributing factor to the surge. Coinbase has stated it will use this rule once tokenized equities launch domestically.
The Street's premium over Coinbase stock fell from 57% in June to just 4% on September 18, indicating a narrowing gap between the target and current price.