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Coinbase Shares in the Ascendancy

Published 2023-11-28, 07:23 a/m
BTC/USD
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COIN
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Coinbase Global (NASDAQ:COIN) saw a remarkable uptick in its shares, climbing 16.65% over the week. The company appeared to benefit from the turbulence engulfing Binance, the world’s largest cryptocurrency exchange, as the latter grappled with legal woes. Earlier, Binance had pleaded guilty to breaking U.S. anti-money laundering laws as part of a whopping $4.3 billion settlement. Additionally, its renowned founder and CEO, Changpeng Zhao (CZ), confessed and declared intentions to step down.

 

Recent data highlights a substantial increase in Coinbase's Bitcoin reserves, contrasting with Binance's diminishing reserves. Analysts suggest that Binance's legal troubles might bolster Coinbase’s standing and potentially smooth the regulatory path for U.S. regulators to approve Bitcoin ETFs.

US-Listed ETFs With Significant Exposure to Coinbase Benefit from Binance's Latest Debacle

NAV Change Between November 20th and November 24th.

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