Coinbase Shares Rise Strongly Amid ETF News


As a result of trading on July 3, shares of Coinbase, MicroStrategy and a number of mining companies showed double-digit growth. Investors could react to the news around applications for the launch of spot bitcoin ETFs.

On June 30, WSJ sources reported that SEC returned the documents because they did not contain sufficient information regarding the so-called joint monitoring agreement or the details of this mechanism. The latter has become a key addition to the BlackRock offering.

The following day, Bloomberg reported that Invesco, VanEck, 21Shares, WisdomTree and Fidelity had submitted revised filings to the Commission in response to criticism of the regulator.

The listed companies included in the proposals a mention that they will be supported by the Coinbase exchange in joint supervision. Against this background, the platform’s shares jumped in price by 12.8%, reaching the values ​​of the end of March ($80.7).

Nasdaq Coinbase stock daily chart. Data: Finviz.

Against the background of the growth of bitcoin quotes to the level of $31,000, shares of mining companies and MicroStrategy were in demand. The latter added 152,333 BTC (~$4.73 billion) as a reserve asset.

Securities supplier of analytical software has risen in price by 13.3% to $387.9. The last time the company’s capitalization was at such high levels was in April 2022.

Nasdaq MicroStrategy stock daily chart. Data: Finviz.

Shares of mining companies Riot Blockchain and Marathon Digital Holdings rose 14.6% and 12.9.

Recall, Circle CEO Jeremy Allaire predicted that the recent wave of applications for the launch of cryptocurrency spot ETFs based on digital gold will lead to regulatory approval.

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