HomeCryptocurrenciesCoinbase Stock Soars 15% After Partnership With BlackRock

Coinbase Stock Soars 15% After Partnership With BlackRock

Crypto exchange Coinbase has seen its stock (COIN) soar 15% on Thursday following an announcement of the partnership with investment management firm BlackRock. The partnership between the two companies will allow institutional clients to buy Bitcoin, something that investors obviously see as a positive sign that cryptocurrency is still alive and well.

Between the crypto market crash, layoffs, and inflation, Coinbase went through some hard times in recent months. The company’s stock slid to an all-time low of $52.93 in late July, and it appeared the road to recovery will be hard and long.

However, Coinbase shares have been on an upward trajectory since the start of the week. At one point, shortly after the partnership with BlackRock was announced, the stock jumped to $106.25, its highest since early May. It went on to return to Earth later in the day but still remains 60% up in the past month.

Based in New York City, BlackRock is the largest asset manager in the world. According to reports, the firm had $10 trillion in assets under management at the beginning of 2022. Its investment portfolio is diverse and involves numerous high-profile public companies. For example, BlackRock is among the biggest shareholders of Apple, owning 6.34% shares of the iPhone maker, while also having sizeable stakes in financial institutions like Wells Fargo and JPMorgan Chase.

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