Why Coinbase Global Stock Exploded Higher This Week
Shares of Coinbase Global (NASDAQ: COIN) surged this week, adding as much as 84.7%. As of the market close on Thursday -- when the euphoria had died down -- the stock was still up 41.2%.
The catalyst that drove the crypto trading specialist higher was a significant deal with the world's largest asset manager.
In a blog post on its website, Coinbase announced that it had been selected by investment manager BlackRock (NYSE: BLK) to handle its cryptocurrency transactions via a direct connection between Coinbase Prime and BlackRock's Aladdin investment management platform. Access to Coinbase Prime "will provide crypto trading, custody, prime brokerage, and reporting capabilities to Aladdin's Institutional client base who are also clients of Coinbase."
Source Fool.com
