Coinbase is the best-performing stock in the S&P 500 in June, and may have even more room to run

Published

3 weeks ago

June 27, 2025

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People watch as the logo for Coinbase, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York on April 14, 2021.

Shannon Stapleton | Reuters

Coinbase is the top performer in the S&P 500 in June, boosted by positive regulatory updates, product launches and, of course, its very inclusion in the benchmark stock index at the end of May.

The crypto exchange’s outperformance in the S&P 500 extends back to the April 8 market low, just after President Donald Trump’s initial sweeping tariffs announcement sent stocks sinking.

Coinbase is now on pace for its best month since November, third straight monthly gain — 43% in June alone — and its first three-month rally since the end of 2023. On Thursday, the stock hit its highest level since the day of its initial public offering in 2021.

“The S&P 500 inclusion, the Senate’s passage of the GENIUS Act and very strong performance of Circle negated the false narratives for Coinbase and people are waking up,” Oppenheimer analyst Owen Lau told CNBC.

Restraints lifted

“The two things holding Coinbase back were the issues of fee compression — it hasn’t happened and in fact, Coinbase has been generating positive earnings consistently, which is why they were included in the S&P 500 — and regulatory uncertainty,” he said. “Many people don’t believe there will be any consensus coming out of Congress … the fact is we’re seeing the passage of the GENIUS Act.”

The GENIUS Act establishes the first federal framework for dollar-pegged stablecoins, granting sweeping authority to the Department of Treasury and opening the door to banks, fintechs, and retailers.

Even with Coinbase’s 44% run this month, the stock has room to appreciate further, according to Devin Ryan, head of financial technology research at Citizens. He said the market isn’t fully connecting the dots around Coinbase’s close relationship with Circle Internet Group. Circle debuted on the New York Stock Exchange June 5 and has soared more than 500% since.

According to a revenue share agreement, Coinbase keeps 100% of the revenue generated on all USDC held on Coinbase, plus nearly 50% of all other USDC revenues, “which is 99% of Circle’s current revenue,” Ryan said.

USDC is the stablecoin issued by Circle. Stablecoins are a subset of cryptocurrencies pegged to the value of real-world assets. About 99% of all stablecoins are tethered to the price of the U.S. dollar.

Another way to play

“Yet, Coinbase doesn’t incur any of the operating costs borne by Circle,” Ryan said. “If the market is right on the current bullish view for Circle, Coinbase is another way to play that — and with the financial connection described, it would seem there’s a lot more value left in Coinbase.”

Coinbase, whose core business is crypto trading, has been expanding its suite of crypto services over the past several quarters to include areas like custody, staking, wallet services and stablecoins.

This month, the company beefed up its subscription plan by offering it with its first crypto-backed credit card in partnership with American Express. It also introduced a partnership with Shopify and debuted a stablecoin payments service for e-commerce. JPMorgan also partnered with the crypto company to launch its own version of a stablecoin, which it’s calling a “deposit token” on Coinbase’s in-house built blockchain, Base.

“There’s clearly a sentiment trade occurring in crypto as institutional investors are looking at the space, many for the first time, and want to express a positive view on crypto evolving from a speculative asset class to one of utility — with legislative clarity as the key catalyst — and Coinbase is the most direct way to invest in that thesis,” Ryan said.

Volume concern

If there’s one concern, it’s in trading volume, said Oppenheimer’s Lau. The average daily volume of crypto transactions on the Coinbase platform has been trending lower since April, which could be a risk for the company and other crypto trading providers heading into the second half of the year.

The analyst is optimistic the regulatory outlook can turn that around though, specifically if the industry gets market structure legislation on top of stablecoin legislation.

“If the GENIUS Act brought us to ‘stablecoin summer’ then I believe that the eventual passage of the CLARITY Act can bring us into altcoin summer,” Lau said. “So at the end of this year, I do see another catalyst that can reverse this trend because there will be animal spirits, people will be buying altcoins like crazy if we get past the market structure bill.”

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Technology

Astronomer CEO Andy Byron resigns after viral Coldplay kiss-cam controversy

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2 hours ago

July 19, 2025

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Astronomer CEO Andy Byron resigns after viral Coldplay kiss-cam controversy

Chris Martin of Coldplay performs at the O2 Shepherd’s Bush Empire on October 12, 2021 in London, England.

Simone Joyner | Getty Images Entertainment | Getty Images

Astronomer, the technology company that faced backlash after its CEO was allegedly caught in an affair at a Coldplay concert, said the CEO has resigned, the company announced Saturday.

“Andy Byron has tendered his resignation, and the Board of Directors has accepted,” the company said in a statement. “The Board will begin a search for our next Chief Executive as Cofounder and Chief Product Officer Pete DeJoy continues to serve as interim CEO.”

Byron was shown on a big screen at a Coldplay concert on Wednesday with his arms around the company’s chief people officer, Kristin Cabot. Byron, who is married with children, immediately hid when the couple was shown on screen. Lead singer Chris Martin said, “Either they’re having an affair or they’re just very shy.” A concert attendee’s video of the affair went viral.

In May, Astronomer announced a $93 million investment round led by Bain Ventures and other investors, including Salesforce Ventures.

Byron’s resignation comes after Astronomer said Friday that it had launched a “formal investigation” into the matter, and the CEO was placed on administrative leave.

“Before this week, we were known as a pioneer in the DataOps space, helping data teams power everything from modern analytics to production AI,” the company said in its Saturday statement. “Our leaders are expected to set the standard in both conduct and accountability, and recently, that standard was not met.”

Technology

Nvidia CEO Jensen Huang sells an additional $12.94 million worth of shares

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4 hours ago

July 19, 2025

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Nvidia CEO Jensen Huang sells an additional .94 million worth of shares

Jensen Huang, co-founder and CEO of Nvidia Corp., speaks during a news conference in Taipei on May 21, 2025.

I-hwa Cheng | Afp | Getty Images

Nvidia CEO Jensen Huang sold 75,000 shares on Friday, valued at about $12.94 million, according to a filing with the U.S. Securities and Exchange Commission.

Friday’s sale is part of a plan adopted in March for Huang to sell up to 6 million shares of the leading artificial intelligence company. Earlier this week, Huang sold 225,000 shares of the chipmaker, totaling about $37 million, according to a separate SEC filing. The CEO began trading stock per the plan last month.

Surging demand for AI and the graphics processing units that power large language models has significantly boosted Huang’s net worth and pushed Nvidia’s market capitalization beyond $4 trillion, making it the world’s most valuable company.

Nvidia announced this week that it expects to resume sales of its H20 chips to China soon, following signals from the Trump administration that it would approve export licenses. Earlier this year, U.S. officials had stated that Nvidia would require special permission to ship the chips, which are specifically designed for the Chinese market.

“The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the company said in a statement on Tuesday. Huang said during a news conference on Wednesday in Beijing that he wants to sell chips more advanced than the H20 to China at some point.

Technology

Peter Thiel-backed cryptocurrency exchange Bullish files to go public on NYSE

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23 hours ago

July 18, 2025

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Peter Thiel-backed cryptocurrency exchange Bullish files to go public on NYSE

Peter Thiel, co-founder of PayPal, Palantir Technologies, and Founders Fund, holds hundred dollar bills as he speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida.

Marco Bello | Getty Images

The Peter Thiel-backed cryptocurrency exchange Bullish filed for an IPO on Friday, the latest digital asset firm to head for the public market.

The company, led by CEO Tom Farley, a veteran of the finance industry and former president of the New York Stock Exchange, said it plans to trade on the NYSE under the ticker symbol “BLSH.”

A spinout of Block.one, Bullish started with an initial investment from backers including Thiel’s Founders Fund and Thiel Capital, along with Nomura, Mike Novogratz and others. Bullish acquired crypto news site CoinDesk in 2023.

“In the first quarter of 2025, Bullish exchange executed over $2.5 billion in average daily volume, ranking in the top five exchanges by spot volume for Bitcoin and Ether,” the company said on its website. The prospectus listed top competitors as Binance, Coinbase and Kraken.

The IPO filing says that as of March 31, the total trading volume since launch has exceeded $1.25 trillion.