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Coinbase (COIN) Shares Soar 18% Following BlackRock Announcement

Coinbase (COIN) Shares Soar 18% Following BlackRock Announcement
Coinbase (COIN) shares are trading for $95.55 following the announcement of its partnership deal with Blackrock. That’s up 18% from Wednesday’s $80.81 close – adding to a mysterious momentum boost the stock has experienced since Wednesday. 
 


CryptoPotato reported on Thursday that BlackRock – the world’s largest asset manager – tapped Coinbase to help provide crypto trading and custody to its institutional clients. Its service will begin with a focus on Bitcoin. 


Joseph Chalom – Head of Strategic Ecosystem Partnerships at BlackRock – stated that interest in crypto exposure has been increasing among Blackrock’s client base. The firm currently holds over $8 trillion in assets under management. 


Coinbase’s stock opened on Wednesday at $106 at 09:30 EST, just hours after the reveal. It peaked at $115 shortly after, before trickling into the mid-ninety dollar range.


This follows a 20% jump for COIN on Wednesday, rising from the lower sixty dollar range it held at the start of the week. As told by CNBC , the earlier rise may be attributed to a short squeeze – a price pump caused by large numbers of short traders being liquidated. 


If true, recent news would give such traders a right to be bearish. The crypto bear market has seen the stock plummet from its all-time highs, alongside multiple other crypto-focused firms.


 Coinbase was also recently slapped with an SEC investigation for allegedly listing unregistered securities. Its stock plummeted 21% in response, after which Cathie Wood’s ARK Invest dumped the stock at an all-time low of $53. 


On top of that, Coinbase’s former employee was struck with the very first cryptocurrency insider trading charges last month. The suspect, Ishan Wahi, has since pleaded not guilty.


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