COIN Stock Price Increased 9.86%: Why It Happened

By Amit Chowdhry ● Jun 29, 2021
  • The stock price of Coinbase Global Inc (NASDAQ: COIN) increased 9.86% yesterday. This is why it happened.

The stock price of Coinbase Global Inc (NASDAQ: COIN) increased 9.86% yesterday, going from a previous close of $224.54 to $246.69. There appears to be a couple of catalysts that drove the stock price up.

Coinbase recently gained approval for cryptocurrency custody services in Germany. Specifically, Coinbase received a crypto custody license from Germany’s Financial Supervisory Authority (BaFin), which enables Coinbase to continue serving the German market according to BaFin via Coindesk.

Coinbase is also trading higher at the pre-market based on news that the ARK Fintech Innovation ETF bought $20.3 million worth of Coinbase shares at the closing of the market yesterday. This large position purchase comes shortly after the ARK Innovation ETF bought $53 million worth of Coinbase on June 22.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.