Coinbase Global (COIN) notched a new milestone this week, closing at $375.07 per share—the highest since the company went public in April 2021. The stock gained 5.5% on Thursday alone and has now surged 40% over the past month, with nearly 24% of that gain occurring just in the past five sessions.
This bullish run pushed Coinbase’s market cap to $89 billion and marked a return to its previous record closing price of $357.39, last seen during the peak of the 2021 bull run. Notably, the stock was the best-performing company on the S&P 500 on Tuesday, gaining over 12% in a single trading day.
Part of this growth is tied to increased confidence in crypto legislation. The recent advancement of the GENIUS Act—a bill aimed at establishing clearer stablecoin regulations—has reassured investors that U.S. policymakers are moving toward regulatory certainty in digital finance.
Circle’s IPO and USDC Revenues Drive Optimism
A major driver behind Coinbase’s stock rally is its financial tie to Circle Internet Financial, the company behind the USDC stablecoin. Circle debuted on the public markets on June 4 under the ticker CRCL and has since skyrocketed more than 500%, closing Thursday at $213.63.
The two companies share a deep partnership: Coinbase co-founded USDC with Circle in 2018 and benefits directly from its growth. As part of their revenue-sharing agreement, Coinbase receives 50% of the remaining interest income generated from USDC’s reserve holdings. This has become a critical revenue stream, especially as stablecoin adoption rises globally.
Investors are responding to this symbiotic relationship by bidding up both stocks. With USDC now commanding over $61 billion in market cap and growing adoption in fintech and payment rails, Coinbase’s role in the ecosystem is increasingly being viewed as foundational infrastructure, not just an exchange.
S&P 500 Debut and Analyst Confidence Fuel Rally
Coinbase’s May 19 inclusion in the S&P 500 cemented its status as the first-ever pure crypto firm to join the benchmark U.S. index—an achievement that opened the door to a wave of institutional investment. Passive fund inflows and index exposure have contributed to its sharp price appreciation in recent weeks.
Meanwhile, analysts have also turned increasingly bullish. Bernstein recently raised its price target for COIN to $510, calling it the “Amazon of crypto financial services.” The firm emphasized Coinbase’s broadening revenue model—one that now includes ETF partnerships, institutional custody, staking, and stablecoin infrastructure.
Although Circle’s USDC remains second to Tether’s USDT in market size, its more transparent reserve practices and regulatory alignment are earning investor favor. Coinbase’s proximity to this narrative puts it at the center of the stablecoin compliance push—an area of rising importance as regulators globally eye stricter controls on digital dollars.
Quick Facts
- Coinbase closed at $375.07, marking a new all-time high and pushing its market cap to $89B.
- The stock surged 40% over the past month, buoyed by regulatory optimism and S&P 500 inclusion.
- Coinbase earns 50% of interest income from USDC, co-created with Circle in 2018.
- Bernstein raised its target to $510, dubbing Coinbase the “Amazon of crypto financial services.”
