According to BlockBeats, on June 28th, Coinbase was the best performing stock in the S&P 500 index for June, driven by positive regulatory updates, product releases, and inclusion in the benchmark index at the end of May. Coinbase is currently expected to achieve its best monthly performance since November last year, rising for the third consecutive month (up 43% in June alone), and achieving three consecutive months of gains for the first time since the end of 2023. On Thursday of this week, the stock reached its highest level since its initial public offering in 2021.
Oppenheimer analyst Owen Lau said that the inclusion of the S&P 500 index, the GENIUS bill passed by the Senate, and Circle's strong performance have denied false statements about Coinbase, and people have come to a sudden realization. The two major factors that previously hindered the development of Coinbase - the issue of fee compression (which did not actually occur, on the contrary, Coinbase continued to make profits and was therefore included in the S&P 500 index) and regulatory uncertainty - are dissipating. Although most people believe that it is difficult for Congress to reach a consensus, the passage of the GENIUS Act has become an established fact.
Even though Coinbase's stock price has surged 44% this month, Devin Ryan, head of fintech research at Citigroup, still believes that there is further room for its stock price to rise. He pointed out that the market has not fully recognized the close partnership between Coinbase and Circle Internet Group - Circle's stock price has skyrocketed by over 500% since its listing on the New York Stock Exchange on June 5th.
