Coinbase Global (NASDAQ:COIN) shares shot up as much as 13% on Tuesday, touching its highest level since mid-August 2022, as bitcoin's (BTC-USD) rally prompted some cryptocurrency-linked stocks to drive higher.
Bitcoin (BTC-USD) advanced 1.1% to $30.6K on continued hopes that the Securities and Exchange Commission will finally approve the first U.S. spot bitcoin exchange-traded fund. Overall, the global crypto market cap edged up 0.8% to $1.19T, according to CoinMarketCap data.
Since COIN is seen as a high-beta version of BTC, it comes as no surprise that the former surged 165% year-to-date, compared with the latter's 84% jump. That's despite the company's legal troubles, among other headwinds.
Nonetheless, with the spot BTC ETF craze in full swing, the crypto platform's stock is on track for a third straight day of gains. A number of re-filings for such a product from prominent money managers like BlackRock (BLK) and Fidelity Investments had named Coinbase (COIN) as a surveillance partner.
And, on Tuesday, Cboe Global Markets (CBOE) filed for changes for five spot BTC ETF applications, confirming that it struck surveillance-sharing agreements with Coinbase (COIN), according to a filing.
Other crypto-related stocks on the rise include: BIT Mining (BTCM) +16.4%, Core Scientific (OTCPK:CORZQ) +15.3%, Soluna Holdings (SLNH) +6.3%, Robinhood Markets (HOOD) +6.3% and TeraWulf (WULF) +4.6%.