Shares of the cryptocurrency exchange rose as much as 40 per cent after announcing it will provide BlackRock’s clients with crypto trading and custody capabilities. (The Logic)
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Shares of the cryptocurrency exchange rose as much as 40 per cent after announcing it will provide BlackRock’s clients with crypto trading and custody capabilities. (The Logic)
Talking point: Besides the partnership with one of the world’s largest asset managers, the stock appears to also have benefitted from interest from retail traders. Coinbase was one of the top-mentioned stocks on Reddit’s WallStreetBets forum on Thursday, according to CNBC. After a steep drop this year, the stock has started to recover ground this week, which could be due to a short squeeze in which investors who bet against the stock have to buy it back to cover losses. A short squeeze by retail traders in 2021 involving GameStop, perhaps the original meme stock, led to the closure of one major hedge fund after it suffered huge losses. More than 22 per cent of Coinbase’s shares that trade are sold short, according to FactSet.
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