Coinbase shares jumped sharply on news of partnership with BlackRock

  • CryptoBase will work with BlackRock on overall monitoring
  • This gives Coinbase a chance to scale
  • The company’s stock started to rise sharply

Coinbase took advantage of the excitement around bitcoin-NFT. In the last 24 hours, their shares rose to a three-month high.</nbsp;

The COIN stock traded at $79.93 in U.S. afternoon trading on Monday.. Then they went up to $80.02 on the premarket. That’s up almost 12%.

The news from BlackRock, the largest American asset manager, was the reason for the new success. They reapplied to open a bitcoin-ETF. It indicates that the cryptocurrency exchange Coinbase will become SSA (monitoring partner) in the future iShares Bitcoin Trust. This information is listed on Nasdaq Form 19b-4.

The Joint Supervisory Agreement (SSA for short) gives the organization the authority to monitor trading activity and share relevant data with its partners. This status also keeps the firm safe from blocking laws outside of U.S. jurisdictions.

In addition to the rise in Coinbase stock, the bitcoin price also benefited from this news. The major cryptocurrency passed the $31,000 mark, getting closer to the desired goal of $35,000.  

The U.S. markets are down today on the occasion of Independence Day celebrations. Therefore, investors should take this into account in their trading strategies.