Coinbase Global ( (COIN) ) has risen by 13.78%. Read on to learn why.
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Coinbase Global has seen a notable rise in its stock price, climbing 13.78% over the past week. This surge is largely attributed to the company’s strategic moves, including its application for a national trust charter from the Office of the Comptroller of the Currency (OCC). If approved, this charter would allow Coinbase to operate as a federally licensed trust bank, simplifying compliance and accelerating product development, which could further bolster institutional adoption of digital assets.
Additionally, Coinbase’s recent partnership with Samsung is set to expand its reach significantly. This collaboration will integrate Coinbase’s services with Samsung Wallet, providing 75 million Galaxy users in the U.S. with direct access to Coinbase One, the exchange’s subscription service. This move is expected to lower the barrier to entry for new crypto users and could potentially open one of the largest consumer funnels into the crypto market if expanded globally.
The stock’s upward momentum is also fueled by optimism surrounding potential regulatory changes in the crypto market. The SEC is working on new legislation that could provide a more stable regulatory environment, which is seen as a positive development for Coinbase. Analysts have adjusted their price targets, reflecting confidence in Coinbase’s strong earnings and the promising integration of cryptocurrency with AI, despite some mixed sentiments due to high expectations and concerns over entry costs.