Coinbase Stock Price Surpasses $300 for First Time Since 2021

Key Points:

• Coinbase stock price surged 17%, surpassing $300, following Bitcoin’s new all-time high of $84,000.
• Coinbase backed several pro-crypto candidates through its Fairshake super PAC, supporting wins in the recent election cycle and further advocacy through the “Stand With Crypto” alliance.

Following Bitcoin’s recent surge, the Coinbase stock price rose 17%, breaching the $300 level for the first time since November 2021.

Read more: Coinbase Integrates ZetaChain Mainnet, Supports ZETA Custody

Bitcoin-New High Propels Coinbase Stock Price to Record Jump

Interest from investors flooded in as the cryptocurrency reached an all-time high of $84,000. This swell of upward momentum benefited a range of crypto-related companies: MicroStrategy and Robinhood rose 16.5% and more than 11%, respectively. The biggest increase was in the Coinbase stock price.

Coinbase has been playing in the political space, funnelling tens of millions into Fairshake, a pro-crypto super PAC that had some big wins in the last election cycle.

Notably, it supported the defeat of Senator Sherrod Brown in Ohio, and the company also backed other Senate and House candidates in favor of cryptocurrency innovation. Also, Coinbase flexed its muscles through the “Stand With Crypto” coalition to push for policies that would help in the growth of digital assets.

MicroStrategy Doubles Down on Bitcoin with $42 Billion Investment Plan

In addition to Coinbase, another major cryptocurrency investor is MicroStrategy, with 279,420 BTC. Last week, the company also announced plans to raise $42 billion over the next three years to expand its Bitcoin holdings.

Cryptocurrency-focused companies have enjoyed a surge in confidence in the market, with investors continuing to see them as a proxy for Bitcoin’s success amid Donald Trump’s re-election as President. Trump has said he wants cryptocurrencies to be mined, minted, and manufactured in the United States.

The president-elect has also proposed a national strategic Bitcoin reserve, similar to the US strategic petroleum reserve, that would directly purchase and invest in cryptocurrencies as a national security measure.