Coinbase's shares saw a remarkable 43% rise in June, making it the top performer in the S&P 500 index. The surge in stock price is linked to progress on the GENIUS Act, which is set to benefit Coinbase through potential stablecoin-related revenue. In June, Coinbase gained momentum after joining the S&P 500 at the end of May and displayed its best monthly performance since November of the previous year. During this period, Coinbase's stock reached a high of $382 before settling at $353 after minor corrections. As the overall S&P 500 rose about 5% during the same month, risk appetites among investors increased, driven by geopolitical factors easing. Coinbase's position is further strengthened by its partnership with Circle, the issuer of the USDC stablecoin, allowing Coinbase to earn indirect revenue from Circle’s operations. Despite this, average trading volume on the platform has been declining since April, indicating subdued trading activity even amidst the rise in stock value.

Source 🔗