Coinbase (Nasdaq: COIN) has surged to its highest price since its public debut in April 2021, with shares rising 4% to over $369 and gaining 1.6% in after-hours trading.
The stock became the best-performing S&P 500 stock with a 12.1% gain, attributed to broader crypto sector sentiment and its recent inclusion in the benchmark index as the first crypto firm under financial services.
Factors contributing to the rally include excitement from Circle's IPO, progress on stablecoin regulations in the US, and Coinbase's S&P 500 inclusion.
Analysts have mixed views on COIN, with share price surpassing average targets. Some believe in further growth potential, while others anticipate a possible pullback in the future.