Coinbase Rises to Second-Most Downloaded Finance App on Apple’s App Store
The recent rally in Bitcoin and altcoins, spurred by Donald Trump's victory, has significantly increased demand for cryptocurrencies. Data indicates that Coinbase became the second most downloaded app in the Apple App Store's finance category in the US, rising from 33rd position last week. This surge coincides with Bitcoin reaching $90,000 for the first time.
The Kobeissi newsletter predicts Coinbase may soon secure the top download spot due to heightened interest and FOMO among investors reacting to Bitcoin’s performance.
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Courtesy: The Kobeisse Letter
Since Trump's election, Coinbase’s COIN stock rallied 45%, approaching its all-time high of $324, and extending year-to-date gains to over 103%. For the quarter ending September 2024, Coinbase reported an 81% revenue increase, reflecting a recovery in the broader crypto market. CEO Brian Armstrong emphasized the need for regulatory clarity in a recent CNBC interview:
“We need to have a clear path for people to register crypto securities. For the last four years, the door has just been shut in our face. It’s really the dawn of a new crypto era with this election, because it’s the most pro-crypto Congress ever.”
Coinbase Unveils the COIN50 Index
On November 12, Coinbase announced the launch of the COIN50 index fund, which includes 50 different cryptocurrencies, with Bitcoin, Ethereum, and Solana comprising over 80% of its portfolio. Additional assets include XRP, Dogecoin, and 45 others.
This index fund is expected to generate revenue for Coinbase; however, Greg Tusar, head of institutional product at Coinbase, described it as largely a “media play,” stating, “There’s an opportunity for us to represent what happened in crypto. That creates a branding opportunity.”
Coinbase is not the first to create a cryptocurrency index, with CoinDesk and Bloomberg also offering benchmarks. Tusar believes there is still competition potential, noting, “Given our brand position and the strength of the company, this is a gap in the space today.”