Coinbase Shares Surge After BlackRock Crypto Deal

Aug 4, 2022 By MarketDepth

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Coinbase (COIN:NYQ) shares are up almost 50%, thanks to meme traders and BlackRock news. The news today sent the stock soaring over 17% intraday after BlackRock announced a partnership with Coinbase that would allow its institutional clients access to buying Bitcoin.

“Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets and manage their bitcoin exposures directly in their existing portfolio management and trading workflows.”

Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock, said in a statement

This news is much welcomed in the crypto community as negative pressure has deflated the market this year, with Bitcoin down over 50% Year-to-Date. With the stock market seaming to find its ground, Coinbase has become a popular meme trade with Reddit page “Wallstreet Bets,” making it the trending topic of the day.