Bitcoin BTCUSD –4.38% rally this year hasn’t just fueled a record rise in the shares of Coinbase Global COIN –8.02% but has apparently reignited Americans’ interest in digital assets—boding well for the cryptocurrency broker’s revenue.
Cryptos have soared to start 2023, with Bitcoin this week rising above $28,000, its highest levels since last summer.
These gains have been driven by shifting investor sentiment, with many market participants concluding that cryptos are no longer a fringe investment, but rather a new asset class with significant upside potential.
Coinbase, which operates the world’s largest Bitcoin exchange, is well-positioned to capitalize on this trend, and its stock has surged in response.