Coinbase shares surged 14% on Tuesday, as investors were buoyed by a court ruling in a Bitcoin spot ETF case that could benefit the crypto exchange as well.
The cryptocurrency firm is also due to submit its final answer to the SEC's response to Coinbase's motion to dismiss by the end of the day Tuesday.surged about 14% Tuesday morning as optimism about a long-awaited bitcoin spot ETF approval buoyed the stock. It was a key deadline for the company, which has been sparring with the Securities and Exchange Commission in Manhattan federal court.also surged in Tuesday morning trading by nearly 7%.
Coinbase's stock price, which was also lifted by that finalized decision, often closely mirrors broader cryptocurrency markets in performance. The company is one of the largest crypto custodians and has been tapped by a host of prospective ETFs, includingis punitively targeting cryptocurrency exchanges in the wake of the collapse of FTX, while advocates say that many cryptocurrencies are indeed securities and that further regulation is not required to establish the SEC's jurisdiction.
The tussle over jurisdiction has dampened the share prices of crypto-exposed companies; Coinbase is up nearly 119% year-to-date but remains well off its pre-crypto-winter levels., another crypto-exposed firm, saw its shares rise 12% in Tuesday morning trading but remains similarly down compared to 2022 levels.
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