Coinbase shares soar 10% in boost from meme traders, BlackRock crypto deal – By Tanaya Macheel (CNBC) / Aug 4, 2022
Shares of Coinbase soared Thursday after the crypto exchange announced a partnership with BlackRock that will allow its institutional clients to buy bitcoin.
Coinbase shares rose 10%. Earlier in the day they jumped as much as about 40%.
Services in the company’s Prime offering will be available to clients of BlackRock’s portfolio management platform for institutional investors, Aladdin, the company said on its blog. Coinbase will provide crypto trading, custody, prime brokerage and reporting capabilities. BlackRock is the largest asset manager in the world with more than $8 trillion under management.
The ticker COIN also became one of the most mentioned names Thursday on Reddit’s WallStreetBets chat room, topping GameStop’s popularity in the online forum, according to alternative data provider Quiver Quantitative.
