Coinbase (COIN) shares rose more than 5.6% in premarket trading. This surge coincided with a broader cryptocurrency rally that pushed Bitcoin above $71,000.
The company officially launched a commission-free, 24-hour trading platform for U.S. stocks and ETFs. This strategic move aims to diversify revenue streams beyond volatile crypto transaction fees.
CEO Brian Armstrong reportedly met with Donald Trump to secure support for a pending crypto bill. The legislative battle focuses on stablecoin rewards programs currently facing opposition from the banking sector. Armstrong stated that the foundations for the cryptocurrency industry have never been stronger.
Cathie Wood’s Ark Invest purchased an additional $4.1 million worth of COIN shares.