Coinbase Shares Surge 43% in June, Leading S&P 500 Performance
Shares of Nasdaq-listed cryptocurrency exchange Coinbase (COIN) increased by 43% in June, making it the best performer in the S&P 500 since its inclusion at the end of May.
Key points:
- June marked Coinbase's strongest month since November, with three consecutive monthly gains.
- COIN reached a high of $382 before closing the week at $353, experiencing a slight after-hours drop to $351.
- The wider S&P 500 index rose approximately 5% in June as geopolitical tensions eased.
- Progress on the GENIUS Act, which establishes a regulatory framework for dollar-pegged stablecoins, shifted investor focus towards stablecoin revenue.
- Circle's shares hit a record high, bringing its market cap close to that of Coinbase.
- Coinbase retains all yield from USDC balances and nearly half of other USDC income, equating to around 99% of Circle’s revenue, providing indirect exposure to shareholders.
- Average daily trading volume on Coinbase has decreased since April.