Coinbase Global (COIN) stock extended its rally on Wednesday, setting a fresh 52-week high and coming within range of its record closing price from November 2021, as the broader digital asset industry followed Bitcoin’s lead.
Shares of the crypto exchange rallied by as much as 7.1% Wednesday morning, reaching an intraday high of $369.25, according to Yahoo Finance data. COIN was last seen trading around $352 for a gain of 2%.
The stock has also rebounded 133% from its April low, which occurred during a broad market sell-off sparked by US President Donald Trump’s “Liberation Day” tariff announcement.
With the rally, COIN has set a fresh 52-week high and is within 2% of its record closing price of $357.39, according to Macrotrends data.
At current values, Coinbase stock has a total market capitalization of $89.6 billion, making it one of the most valuable crypto-focused companies.
Coinbase stock has rallied more than 42% since the start of the year, fueled by rising (BTC) prices, pro-industry regulatory developments in the United States and steady revenue growth.
While Coinbase’s first-quarter revenue came in below expectations, it rose 24.2% year-over-year to $2.03 billion. Subscription and services revenue grew 36.3% to $698.1 million, driven largely by income from stablecoins.
Related: Bitcoin rebounds to $105K as Coinbase premium hits second 2025 high
Coinbase stock follows Circle Internet Group higher
Coinbase shares are rallying alongside stablecoin issuer Circle Internet Group’s highly successful initial public offering.
After debuting at $31 per share, Circle’s stock, trading under the ticker CRCL, has surged to over $200.
Coinbase and Circle maintain a significant partnership centered on the USDC (USDC) stablecoin, which deepened in 2023 when Coinbase acquired an equity stake in Circle.
As Coinpectra recently reported, Circle briefly became the top holding in VanEck’s MVIS Global Digital Assets Equity Index (MVDAPP), which tracks the largest and most liquid publicly traded crypto companies.
However, as of Wednesday, Coinbase had reclaimed the top spot in the MVDAPP.
Related: ‘Stablecoin summer’ as Coinbase, Circle stocks surge on new legislation