Coinbase (COIN) Shares Soar 18% Following BlackRock Announcement

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Coin­base (COIN) shares are trad­ing for $95.55 fol­low­ing the announce­ment of its part­ner­ship deal with Black­rock. That’s up 18% from Wednesday’s $80.81 close – adding to a mys­te­ri­ous momen­tum boost the stock has expe­ri­enced since Wednesday. 

 

  • Cryp­toPota­to report­ed on Thurs­day that Black­Rock – the world’s largest asset man­ag­er – tapped Coin­base to help pro­vide cryp­to trad­ing and cus­tody to its insti­tu­tion­al clients. Its ser­vice will begin with a focus on Bitcoin. 

  • Joseph Chalom – Head of Strate­gic Ecosys­tem Part­ner­ships at Black­Rock – stat­ed that inter­est in cryp­to expo­sure has been increas­ing among Blackrock’s client base. The firm cur­rent­ly holds over $8 tril­lion in assets under management. 

  • Coinbase’s stock opened on Wednes­day at $106 at 09:30 EST, just hours after the reveal. It peaked at $115 short­ly after, before trick­ling into the mid-nine­ty dol­lar range. 

  • This fol­lows a 20% jump for COIN on Wednes­day, ris­ing from the low­er six­ty dol­lar range it held at the start of the week. As told by CNBC, the ear­li­er rise may be attrib­uted to a short squeeze – a price pump caused by large num­bers of short traders being liquidated. 

  • If true, recent news would give such traders a right to be bear­ish. The cryp­to bear mar­ket has seen the stock plum­met from its all-time highs, along­side mul­ti­ple oth­er cryp­to-focused firms.

  •  Coin­base was also recent­ly slapped with an SEC inves­ti­ga­tion for alleged­ly list­ing unreg­is­tered secu­ri­ties. Its stock plum­met­ed 21% in response, after which Cathie Wood’s ARK Invest dumped the stock at an all-time low of $53. 

  • On top of that, Coinbase’s for­mer employ­ee was struck with the very first cryp­tocur­ren­cy insid­er trad­ing charges last month. The sus­pect, Ishan Wahi, has since plead­ed not guilty. 

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