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The United States-based cryptocurrency exchange Coinbase’s publicly traded stock, COIN, continues to please its investors with a 400% rise in 2023, marking an important period for the company. Particularly during this period, the increasing optimism towards spot Bitcoin ETF applications is benefiting many companies.
COIN Continues Its Ascent
TradingView’s data indicates that the United States’ largest crypto trading platform has reached its highest level in 20 months this week. Coinbase and Bitcoin have risen together in 2023, but as the year-end closing approaches, the exchange’s performance seems to be increasingly standing out in its own right.
Currently, as the markets countdown to the potential approval of the first U.S. spot Bitcoin exchange-traded fund (ETF), investors express belief in the crypto market’s continued upward trajectory, led by Bitcoin.
Even when compared with the altcoin king Ethereum, Coinbase has performed better, with the ETH/USD pair increasing by about 85% since the beginning of the year. However, investment giant ARK Invest, among others, continues to reduce its risk as COIN rises.
According to data on ARK CEO Cathie Wood’s official website, the firm’s ARK Innovation (ARKK) ETF fund saw its COIN assets drop by about 11% in December alone. COIN remains one of ARKK’s largest investments, but it continues to stay significantly below its total cost base of just under $255.
Important Remarks from Brian Armstrong
Coinbase CEO Brian Armstrong still believes that the only direction for the crypto market in 2024 is up. This week, the firm drew attention by joining several U.S. crypto players in a fundraising campaign worth approximately $80 million to support crypto-friendly U.S. presidential candidates. Armstrong made the following comments in an interview with CNBC on December 19:
“I think it’s time for people to know that being anti-crypto is bad policy in Washington DC.”
Armstrong also referred to other current obstacles for Coinbase, including the U.S. Securities and Exchange Commission’s refusal to cooperate in rule-making for ETF applications. Regarding the exchange’s appeal in a post-ETF environment, Armstrong stated:
“Coinbase has a role to play in all aspects of the value chain here.”
