The crypto-focused bank rode a wave of rising cryptocurrency prices last month, and then a beefy earnings report lit a fire under the stock.
Shares of the large crypto exchange Coinbase (NASDAQ: COIN) are trading roughly 17.4% higher as of 12:35 p.m. ET today. Shares of the crypto bank Silvergate Capital (NYSE: SI) are trading nearly 6% higher, and shares of Bakkt Holdings (NYSE: BKKT) are trading more than 7% higher after being up 17% earlier today. After a very difficult year for Coinbase amid a crypto winter, the company finally gave shareholders something to cheer about when it announced earlier today that it would be teaming up with BlackRock (NYSE: BLK), the largest asset manager in the world.
Shares of Coinbase Global (NASDAQ: COIN) jumped on Wednesday after the Senate Agriculture committee put forward a bipartisan bill that would identify and classify "digital commodities" that would be overseen by the Commodities Futures Trading Commission (CFTC). After Coinbase was caught up in the Securities and Exchange Commission's (SEC) enforcement of cryptocurrencies, this was welcome news to the company and investors. Coinbase stock jumped as much as 22.3% in trading on Wednesday after the bill was reported.