The biggest crypto exchange platform, Coinbase, was at a pivotal crossroads during Monday’s trading session just after Bitcoin sailed to record price heights over the weekend.
According to data from sources, Coinbase’s stock ended up 1.8% at $394.01 per share on the day. At the same time, shares hit a peak of $398.50.
At today’s closing price, Coinbase has a market cap of nearly $100.36 billion, the highest market cap the crypto exchange has recorded in history.
Bitwise CIO anticipates Coinbase becoming a trillion-dollar company at some point
Coinbase shares have popped 50% in the past month alone in conjunction with the highly successful initial public offering (IPO) of Circle Internet Group and favorable regulatory changes in the United States.
The crypto exchange also encountered a significant achievement on May 19 after adding it to the S&P 500 index. This milestone distinguishes Coinbase as the first cryptocurrency-focused company to gain entry into this benchmark, highlighting its growing legitimacy within the financial sector.
This month, Coinbase experienced a steady increase in revenue that did not come from transactions in the last year, totaling $772 million in the first three months, according to analysis from sources. Last week, the company brought on a user named AlexOnchain to help increase its social media presence.
Bitwise CIO Matt Hougan had previously forecasted Coinbase’s significant milestone. Based on his anticipation, the firm could eventually become a trillion-dollar company.
On May 13, in an X Post, Hougan advised investors to choose a company currently worth less than $100 billion but has the best chance of reaching a value of over $1 trillion. He gave Coinbase as an example, which is valued at $61 billion.
Coinbase’s stock rebounds amid growing adoption of cryptocurrencies
On June 26, Coinbase’s shares had also experienced a surge, closing at a record high in a rally that increased the embrace of cryptocurrencies on Wall Street and Washington.
This came after the stock of the crypto exchange operator jumped 5.5% to $375.07. That surpasses the previous peak of $357.39 in November 2021, only a few months after the company became public with a direct listing.
Notably, Coinbase shares have soared more than 1,000% from a record low in late 2022, when the failure of FTX had cast further doubt on the digital asset’s future.
The stock’s rebound came as cryptocurrency prices recovered, and the industry itself secured powerful new allies, including President Trump, a strong crypto supporter who has embraced crypto stances in the US.
Another important milestone that contributed to the crypto exchange’s share surge was after the US Senate approved legislation for stablecoins pegged to the dollar, which are considered a promising payment method.
Benchmark analyst Mark Palmer highlighted the significance of stablecoins in the company’s operations. According to him, revenues generated from stablecoins will probably enable the company to reduce its dependence on trading revenue, which is under pressure from competition.
Following trade analysis, Coinbase’s main source of revenue has emerged from stablecoins. Therefore, with these new regulations, the crypto exchange will achieve financial stability and continuous success.
Republican House leaders are preparing to pass a stablecoin regulatory bill this week, aiming to send Congress’s first major piece of digital asset legislation to the president’s desk. The vote marks the beginning of what supporters are calling “Crypto Week” — a series of decisions that could reshape the crypto landscape in the US.
The proposed legislation, backed by industry leaders, is expected to bolster the adoption of dollar-based stablecoins. If passed, it would represent a significant win for crypto proponents, who collectively invested hundreds of millions of dollars during the last election cycle to help install lawmakers favorable to digital asset innovation, according to Federal Election Commission data.
“The golden age of digital assets is here,” said Rep. Bryan Steil (R-WI), a key industry ally and chair of the House crypto subcommittee.
President Donald Trump, now prioritizing digital asset regulation in his second term, has vowed to make the United States the “crypto capital” of the world.
His family’s involvement in crypto ventures — which has reportedly earned them hundreds of millions of dollars — has drawn criticism from Democrats, some of whom have pushed, unsuccessfully, to include prohibitions targeting Trump-affiliated crypto businesses in the legislation.
The House is also set to vote this week on two additional industry-supported bills: one to establish comprehensive market structure rules for cryptocurrencies, and another to block the Federal Reserve from launching a digital currency.
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