Crypto exchange Coinbase’s hot streak continued into Tuesday morning’s trade, with the firm’s shares trading up around 3% at the time of writing.
The move adds to a multi-session rally for Coinbase, which is up more than 30% since it hit low points in late September. At last check it was trading at $302 a share. The firm’s rally has been underpinned by an announcement earlier this month that it would launch its own NFT marketplace — a business that could bring in more fees than its market for exchanging cryptocurrencies. As The Block Research pointed out, NFT marketplaces charge sellers 2.2% on NFTs sold through their platforms. Coinbase charges users 0.5% to sell crypto-assets.
Across Wall Street bankers praised the move, pushing them to emphasize bullish stances on Coinbase’s stock. JMP, for instance, increased its price target to $330 from $300.
“In our view, Tuesday’s announcement also highlights Coinbase’s ability to leverage its unique scale, resources, and e
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