Coinbase stock 2023 returns exceed 400% as COIN beats tech giants, Bitcoin
Bitcoin (BTC) exchange Coinbase is witnessing a stock renaissance of nearly 400% for COIN Passage, the highest 2023 gain.
COIN will be the top crypto choice for 2023.
Data from Cointelegraph Markets Pro and TradingView show that the largest crypto trading platform in the United States hit a 20-month high this week.
Coinbase and Bitcoin surged together in 2023, but as the anniversary nears, the exchange's performance seems to be rising in a league of its own.
The company's Coin stock reached $162 on December 19, surpassing the 400% return mark since January in the process.
Now, traders are looking at more upside as markets consider approval of the first US bitcoin spot exchange-traded fund (ETF).
Narrative violation
coinbase stock has 3x'd this year and is a better buy than NVIDIA pic.twitter.com/PPlb27nJ5n
— Nemo (@thecaptain_nemo) December 12, 2023
Compared to the larger altcoin Ether (ETH), Coinbase has performed better, with ETH/USD up nearly 85% since the start of the year.
Some – notably investment giant ARK Invest – reduced exposure when COIN took off. According to data from the official website of ARK CEO Cathy Wood, COIN holdings in the company's ARK Innovation (ARKK) ETF fell by 11% in December alone.
The holdings, while still the largest component of ARKK, remain well below the total cost base of $255.
Armstrong: Anti-crypto is “bad politics”.
Coinbase CEO Brian Armstrong believes that the only way for crypto next year is “up”.
Related: Bitcoin ETF in 3 Weeks? BTC traders are not doing as it is happening.
This week, the company joined a number of US crypto players in raising nearly $80 million to support “pro-crypto” US election candidates.
“I think it's time for people to prove that being anti-crypto is bad politics in DC,” he said in a Dec. 19 interview.
Armstrong cited other current hurdles for Coinbase, including the refusal to receive a green light from the regulator, the ETF, the Securities and Exchange Commission, or SEC.
“Coinbase has a role to play in every aspect of the value chain here,” he said, summarizing the exchange's appeal in a post-ETF environment.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
