Coinbase and MicroStrategy shares reach fresh annual highs

Shares of the cryptocurrency exchange Coinbase and the analytics-software provider MicroStrategy rose above $115 and $520, respectively.

Last time Coinbase stock traded at that level was in early May 2022. At the time, Bitcoin was trading for about $40,000. Trading on COIN on Nasdaq began in April 2021.

MicroStrategy’s shares returned to levels last seen in January 2022. In November 2023 the company increased its bitcoin reserves to 158,400 BTC, and its unrealized profit on the first cryptocurrency surpassed $1 billion.

In July, MicroStrategy founder Michael Saylor called the adoption of a spot Bitcoin ETF “a big event” for the crypto industry. In his view, the appearance of such an instrument is one of the catalysts for the growth of digital gold.

Co-founder Tom Lee predicted the price of the first cryptocurrency would rise above $150,000 after the U.S. Securities and Exchange Commission approved the spot Bitcoin ETF.

Earlier, South Korea’s national pension fund earned more than 40% on Coinbase shares.