An Ethereum ETF would significantly boost Coinbase’s business and could catapult its stock.
It has been quite the year for Coinbase Global (COIN 3.09%). Crypto is back in a bull market, the Securities and Exchange Commission (SEC) approved spot Bitcoin (BTC -0.71%) exchange-traded funds (ETFs), and Coinbase posted its first profitable quarter in more than two years. As a result, its stock has risen more than 275% in the last year.
And as is common in bull markets, the good news keeps on coming. Rumors are swirling that the SEC will green-light a spot Ethereum (ETH -2.33%) ETF soon. Not only is Coinbase going to be the custodian for some of these ETFs, but a pending approval will also create a domino effect of benefits for the company as interest in Ethereum grows.
Here are three little-known facts about why the Ethereum ETF approval will give the company a major boost.
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