- Coinbase stock surged over 15% after former President Donald Trump expressed support for a key crypto market bill on his social media post.
- CEO Brian Armstrong declared “The foundations for crypto have never been stronger,” citing stable ETF inflows and Wall Street interest.
- Ark Invest purchased over $4 million in Coinbase shares, providing a significant catalyst for the stock’s rebound.
Shares in Coinbase surged on Wednesday following a significant endorsement from former U.S. President Donald Trump for the digital asset market structure bill. This political momentum fueled a broad crypto stock rally, with Bitcoin’s price climbing nearly double digits as well.
Trump criticized banks for threatening the so-called Genius Act in his social media post late Tuesday. He argued that making “a good deal with the Crypto Industry” was in the nation’s best interest, which directly boosted market sentiment.
Consequently, Coinbase stock jumped more than 15% during the session. Other firms like Strategy and Circle also saw gains of 9% and 6%, respectively.
Meanwhile, Coinbase CEO Brian Armstrong highlighted the sector’s underlying strength amid recent price volatility. Armstrong made this statement on Wednesday, responding to an interview with the company’s head of strategy.
Furthermore, ARK Invest significantly increased its exposure to Coinbase and other crypto-linked equities recently. The firm’s trading disclosures revealed a purchase of 22,452 Coinbase shares, valued at approximately $4.09 million.
That institutional endorsement served as another solid catalyst for the stock’s upward move. With shares trading near yearly lows, this activity suggests a potential market bottom.
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