Coinbase Global, Inc. (NASDAQ:COIN) is the top performer in the S&P 500 for June, surging 43% and reaching its highest level since its 2021 IPO.
The rally follows the stock's inclusion in the index at the end of May and is supported by positive regulatory updates and new product launches. Coinbase's momentum began in April and marks its third consecutive monthly gain.
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What To Know: Analysts credit Coinbase's strength to its S&P 500 inclusion, the Senate's passage of the GENIUS Act and the strong performance of Circle Internet Group, Inc. (NASDAQ:CRCL), according to CNBC.
Coinbase benefits from a revenue-sharing agreement with Circle, allowing it to capture all revenue from USDC (CRYPTO: USDC) held on its platform and nearly half of other USDC revenues—without incurring Circle's operating costs.
Coinbase has expanded its crypto services, launching a crypto-backed credit card with American Express, partnering with Shopify for stablecoin payments and collaborating with JPMorgan on a deposit token using its Base blockchain.
What Else: Coinbase shares surged further on Thursday after the company announced the upcoming launch of US-regulated perpetual-style futures for Bitcoin (CRYPTO: BTC) and Ether, (CRYPTO: ETH) set to begin July 21.
This marks a major milestone, as such products have been largely unavailable to US traders, who have typically relied on offshore exchanges.
Coinbase's move aims to capture a significant share of this market by providing a domestic, regulated alternative.
The announcement coincided with Bernstein raising its price target on Coinbase stock from $310 to $510, citing rapid growth in derivatives and strong non-trading revenues from staking and the Base blockchain.
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