Cryptocurrency behemoth Coinbase Global, Inc. (NASDAQ:COIN) hit a market capitalization of $100 billion Monday in the wake of Bitcoin’s (CRYPTO: BTC) record-breaking surge.
Check out the current price of COIN stock here.
What Happened: Coinbase reached the historic milestone a little more than four years after going public. The company’s shares also closed at a record high of around $394.
With this, Coinbase becomes the first pure-play cryptocurrency company to hit the magic figure. Note that Michael Saylor’s Strategy Inc. (NASDAQ:MSTR), which primarily focuses on the Bitcoin treasury play, also operates an enterprise analytics software business.
See Also: Bitcoin’s Booming – Coinbase’s 167% Rally Says ‘Told You So’
Why It Matters: This development is significant, given Coinbase’s journey since its public listing in April 2021.
In May, Coinbase became the first pure-play crypto stock in the S&P 500. In the next month, it became the top performer in the benchmark index, with a 43% surge.
Interestingly, market commentator and TV personality Jim Cramer included Coinbase in the newly floated “PARC” category of retail favorite stocks.
The stock’s rally was turbocharged by Bitcoin, the world’s largest cryptocurrency, which has been on a gravity-defying surge in recent days.
COIN clocked high Momentum and Growth scores as of this writing. Visit Benzinga Edge Stock Rankings to compare know how other cryptocurrency-linked stocks perform on these metrics.
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