Shares of Coinbase Global (ticker COIN) closed Thursday’s session at their highest level since hitting the public markets in April 2021. The stock closed at $375.07 per share, up 5.5% according to The Block’s COIN price data.
Shares have been on fire lately, rising nearly 24% over the past five sessions alone and 40% over the past month. Coinbase’s previous all-time high closing price was $357.39, set in November 2021. The company’s market cap has ballooned to $89 billion.
Coinbase shares have received a significant boost from the presence of Circle Internet’s (ticker CRCL) debut on the market. The company behind the world’s second-largest stablecoin began trading on June 4 at $31 a share and has surged 500% since then. Circle’s stock closed Thursday’s session at $213.63, according to The Block’s CRLC data.
Circle’s regulatory filings and recent comments show that in 2024, it gave more than 60% of the money it made from USDC reserves to Coinbase as a distribution fee. According to their agreement, Coinbase gets 50% of all the leftover interest income from those reserves.
Though well behind market leader USDT, Circle’s USDC commands about $61.45 billion of the total stablecoin market, according to The Block’s Data Dashboard.
Coinbase stock has also received the benefit of being a member of the S&P 500 — the first pure-play crypto company to be in the benchmark index, which took effect on May 19. Analysts have been cheering COIN’s run of late, most recently with Bernstein lifting its price target to $510 and calling Coinbase the “Amazon of crypto financial services.”
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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