TradingKey – Coinbase (COIN), the largest U.S.-based crypto exchange, has soared more than 38% over the past month, breaking its previous all-time high set in November 2021. On Thursday, the stock jumped over 5%, reaching an intraday peak of $382, setting a new record.
Coinbase Price Chart – Source: TradingView
Typically, crypto-related equities move in tandem with Bitcoin (BTC), but Coinbase has recently decoupled from BTC’s performance. While Bitcoin has declined nearly 2% over the past month, Coinbase has surged more than 38%, defying historical correlation patterns.
1-Month Performance: Coinbase (Blue) vs. BTC (Yellow) – Source: Google.
The rally is being driven by investor optimism around U.S. stablecoin legislation and Coinbase’s recent regulatory breakthrough in Europe. The company became the first U.S. crypto exchange to receive MiCA authorization in Luxembourg, allowing it to operate across all 27 EU member states. This, combined with the momentum from the GENIUS Act’s passage in the U.S. Senate, has attracted significant institutional inflows.
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