Coinbase hits $100 billion market cap for first time as bitcoin notches fresh all-time highs
Quick Take
- Coinbase’s stock closed Monday’s session at $394.01 per share, giving the company a market cap above $100 billion.
Following bitcoin's rise to new all-time highs this weekend, the largest crypto exchange in the U.S. hit two significant milestones in Monday's trading session.
Coinbase's stock closed the day up 1.8% at $394.01 per share, according to The Block's COIN data. That marks a new all-time closing high for the stock, which hit the public markets in April 2021. Shares hit an intraday high of $398.50.
With today's closing price, Coinbase now sports a market cap of approximately $100.36 billion according to Yahoo Finance data — the first time the crypto exchange's market cap has hit that level.
Coinbase shares have surged 50% in the past month alone amid the wildly successful IPO of Circle Internet Group (ticker CRCL), as well as positive regulatory developments in the United States.
COIN shares have also been added to the S&P 500 index on May 19. As the first pure-play crypto company to be in the benchmark index, analysts have been cheering COIN's run, with Bernstein recently lifting its price target to $510 and calling Coinbase the "Amazon of crypto financial services."
Bitwise CIO Matt Hougan previously predicted Coinbase could be a $1 trillion company in the future.
"Pick a company currently valued below $100 billion that has the highest chance of being a $1+ trillion company some day. I'll start: Coinbase at $61 billion," Hougan said May 13 in a post on X.
Coinbase's non-transaction-based revenue has steadily risen over the past year, hitting $772 million in the first quarter, The Block's data dashboard shows. Last week, the company hired pseudonymous poster AlexOnchain in a bid to expand its social media presence.
Meanwhile, the price of Bitcoin eclipsed $122,000 for the first time ever on Monday and currently trades around $119,700, according to The Block's BTC price data.
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