Bitcoin continues to set new records, and it shows no signs of slowing, according to analysts Decrypt previously spoke to.
While the world’s largest crypto broke above $89,500 on Monday, crypto-related stocks are also in for the ride—namely America’s largest crypto exchange, Coinbase.
The San Francisco-based company’s shares (COIN: NASDAQ) closed Monday’s trading session at $334.24, Google Finance data shows.
That’s a nearly 20% rise in the past 24 hours and close to an 84% jump over the past month. After-hours trading shows the stock is up a further 1% to $327.40.
The digital asset giant isn’t far off touching its debut price of $381 when the company went public during the prior bull run, set roughly three years ago.
Analysts are now forecasting a high price target for the stock of around $380 over a 12-month horizon—with nine experts recommending to buy and eight advising to hold, according to TipRanks data.
Coinbase not only allows users to buy and sell major coins and tokens, but the company, which went public in 2021, also provides custody and other services to nearly all the spot Bitcoin ETF issuers, including Wall Street heavyweight BlackRock.
Since crypto-friendly Donald Trump won the U.S. presidential election last week, the stock has jumped 67%.
President-elect Donald Trump became a cheerleader for Bitcoin and the digital asset industry during his campaign for the White House. He has vowed to allow all future Bitcoin to be mined in the U.S. and for the country to become the “crypto capital of the planet.”
His rhetoric prompted a “Trump trade,” with investors scooping up tech stocks and crypto before and after the election.
Coinbase stock isn’t the only Bitcoin proxy to be up big: software company and now “Bitcoin development” firm MicroStrategy’s shares hit an all-time high of $351 today. The company is the largest publicly traded holder of the asset.
Edited by Sebastian Sinclair