Coinbase Shares Surge

Shares of Nasdaq-listed cryptocurrency exchange Coinbase (COIN) rose 43% this month, making it the top performer in the S&P 500 since joining the index at the end of last month.

June’s rise marks the stock’s best performance since November and caps three consecutive monthly gains. Coinbase’s shares reached their highest level since their public debut.

COIN hit a $382 high this week before experiencing a slight correction, ending the week at $353, with a minor 0.7% drop in after-hours trading to $351.

The broader S&P 500 index increased by approximately 5% in June as geopolitical tensions eased.

Washington’s progress on the GENIUS Act, which is Congress’s first rulebook for dollar-pegged stablecoins, helped shift investor focus from trading fees to stablecoin revenue.

This bill improved the outlook for Circle, whose shares reached a record high, bringing its market cap close to that of Coinbase this week.

Coinbase retains all yield on USDC balances held on its platform and nearly half of other USDC income, which accounts for about 99% of Circle’s revenue. This gives shareholders indirect exposure at no additional cost, as reported by CNBC, citing analysts including Citizens’ head of financial technology research Devin Ryan.

However, trading activity remains subdued, with average daily volume on Coinbase declining since April.