Coinbase stock rose by almost 6% in the previous week

According to data released by The Block Research, Coinbase’s stock price increased by approximately 6% from the previous week and closed at $55.59. Coinbase traded up 5.93% over the previous week. Consideration must be given to the fact that all of this is occurring while the Securities and Exchange Commission’s litigation against the company is still very much in progress. Since the SEC’s official declaration, the stock price has increased by more than 7 percent.

If the analysts are to be believed, where the average price target is concerned, in the case of COIN, it has managed to secure a rise from a single share valued at $69.17 to its present value of $69.70. This occurred due to the fact that a broker was responsible for doing away with its sell rating coverage in terms of the stock, thereby causing an increase in the consensus cover rating.

Besides the regulation issues, Coinbase was instrumental in bringing $64.5 million in Convertible Senior Notes, which is a sort of debt that can be turned over into a fixed amount so far as the issuer’s shares are concerned. This comes at an overall discount rate of 29%.

According to the Chief Financial Officer of Coinbase, Alesia Haas, the company always remains watchful regarding the increase in stakeholder value by scouring avenues for the proper and effective positioning of capital. The repurchase is simply a part of that very purpose. In his opinion, this is attributed to the rise in the first quarter in terms of the company’s financial standing. As per the company, there will be a balance of $1.373 billion of notes after the end of the repurchase.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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