Among the hottest tech stocks in 2023, Coinbase (COIN) has surged over 387% year-to-date, valuing the company at $38.72 billion by market cap. Despite these outsized gains – including a 1% pop on today’s news of clearance from French crypto regulators – COIN stock is down 55% from all-time highs.
Coinbase is one of the largest cryptocurrency exchanges globally, and its share price is largely tied to the performance of digital assets such as Bitcoin (BTCUSD) and Ethereum (ETHUSD). These two cryptocurrencies account for the majority of trading volumes on Coinbase, and rising crypto prices have pushed COIN higher in recent months, too.
Coinbase stock is a well-known favorite of Cathie Wood, a popular investor on Wall Street – but Wood has been taking profits amid COIN’s recent run higher, with her flagship funds unloading shares worth $181 million over the past 30 days. However, at 10.89%, COIN is still the top holding…
