The stock price of Coinbase has exceeded its initial direct listing price for the first time in over two years, coinciding with Bitcoin reaching a new all-time high.

When the prominent U.S. cryptocurrency exchange entered the public market via direct listing in 2021, shares started at $250 each. Initially, the stock surged to $350 per share in November 2021 but ended its first year with a 38% loss.

In the subsequent years, Coinbase’s shares faced challenges as the crypto market cooled and regulatory scrutiny from the SEC increased. However, the past year has seen a significant turnaround for Coinbase, attributed in part to Bitcoin’s price surge and the SEC’s approval of spot Bitcoin ETFs, leading to a 300% increase in the company’s stock value in the last 12 months.

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Today, Coinbase’s stock rose over 5% following the latest bull run that propelled BTC to a new high of $70,000. While Coinbase is benefiting from the current market conditions, it is not the only company reaping rewards. Microstrategy Inc., the largest Bitcoin holder, increased its shares by 113% in the past month, and NVIDIA’s stock surged by over 20% this month due to its involvement in Bitcoin mining.

Despite this recent success, early investors who held onto their Coinbase shares since the beginning may not feel fully vindicated, as the stock had dropped by 86% by the end of 2022. Nevertheless, alongside the crypto market, Coinbase’s stock has been on an upward trend despite recent technical issues on its platform that some users reported, such as zero balances.

For more information on the latest crypto news and updates, explore Global Crypto News.

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