.

With the rally, COIN has set a fresh 52-week high and is within 2% of its record closing price of $357.39, according to Macrotrends data. 

At current values, Coinbase stock has a total market capitalization of $89.6 billion, making it one of the most valuable crypto-focused companies. 

Coinbase stock has rallied more than 42% since the start of the year, fueled by rising (BTC) prices, pro-industry regulatory developments in the United States and steady revenue growth. 

While Coinbase’s first-quarter revenue came in below expectations, it rose 24.2% year-over-year to $2.03 billion. Subscription and services revenue grew 36.3% to $698.1 million, driven largely by income from stablecoins.

Coinbase shares are rallying alongside stablecoin issuer Circle Internet Group’s highly successful initial public offering.

After debuting at $31 per share, Circle’s stock, trading under the ticker CRCL, has surged to over $200.

Coinbase and Circle maintain a significant partnership centered on the USDC (USDC) stablecoin, which deepened in 2023 when Coinbase acquired an equity stake in Circle.

As Cointelegraph recently reported, Circle briefly became the top holding in VanEck’s MVIS Global Digital Assets Equity Index (MVDAPP), which tracks the largest and most liquid publicly traded crypto companies.

However, as of Wednesday, Coinbase had reclaimed the top spot in the MVDAPP.