Markets
Coinbase Stocks Rise: What’s Happening? – Coinbase GLB (NASDAQ:COIN)
June 4, 2024 2:19 p.m. | 2 minutes of reading
Coinbase Global Inc. (NASDAQ:PIECE OF MONEY) stocks are moving higher Tuesday afternoon, coinciding with an upward movement in the price of Bitcoin (CRYPTO: BTC). Here’s a preview What is going on.
What there is to know: Bitcoin, the largest cryptocurrency by market capitalization, has climbed about 2% in the past 24 hours and is currently hovering around $70,500. Bitcoin is now up more than 4.25% over the past week, according to BenzingaPro.
Positive momentum in crypto markets could spur some buying of crypto-related stocks, including Coinbase, which was up about 6% at last check. Coinbase operates the leading cryptocurrency exchange in the United States and tends to benefit from cryptocurrency price volatility.
Part of Bitcoin’s rise could be due to continued inflow into Bitcoin spot ETFs. On Monday, Bitcoin spot ETFs saw a net inflow of $105 million, marking 15 consecutive days of positive inflows and bringing the total net inflow for the period to over $2.28 billion.
Related link: Bitcoin ETFs Spot on 15-Day Influx Streak as Wisconsin Starts Buying Bitcoin
How to Buy COIN Stock
In addition to going to a brokerage platform to buy a share – or fraction of a share – of stock, you can also access the stock either by purchasing an exchange-traded fund (ETF) that holds the stock itself. even, or by assigning yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other vehicle.
For example, in the case of Coinbase, this is the financial sector. An ETF will likely hold shares in many of the large, liquid companies that help track that sector, allowing an investor to gain exposure to trends in that segment.
COIN Price Action: Coinbase shares were up 6.11% at $245.51 at the time of writing, according to Benzinga Pro.
See also: Bitcoin will reach half the market cap of gold, VanEck CEO predicts
Photo via Shutterstock.
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