3 Key Points
- Coinbase stock (COIN) has seen a 400% increase in 2023.
- Bitcoin, Ethereum, and Dogecoin show lesser gains compared to COIN.
- Coinbase looks to support pro-crypto political candidates with a substantial fundraiser.
Coinbase’s Remarkable Market Performance
Coinbase Inc. (COIN), a well-known cryptocurrency exchange, has witnessed a significant surge in stock value this year. In an impressive ascent, COIN’s gains have towered over both the crypto market and traditional assets with a 400% increase.
Bitcoin’s Growth vs. Coinbase’s Leap
In the cryptosphere, Bitcoin remains a leading indicator of market health, having appreciated over 60% in 2023. However, when their performances are scaled and compared, COIN’s growth visibly overshadows not just Bitcoin, but also Ethereum and Dogecoin.
Impact of a $1,000 Investment in 2023
An early investment in COIN would have proven to be a smart financial move. Specifically, a $1,000 stake placed in COIN at the year’s start would now equal approximately $5,000. On the other hand, Bitcoin would have turned that $1,000 into $2,638.73, representing a 163% increase.
Ethereum and Dogecoin’s 2023 Performance
Similarly, starting with $1,000, Ethereum would have provided a more modest 86.48% gain, translating to $1,864. Dogecoin investors would see the least growth, with a 35.29% increase bringing the sum to $1,352.
Portfolio Adjustments at ARK Invest
Interestingly, as COIN continues on an upward trajectory, ARK Invest, led by Cathie Wood, has been divesting from the cryptocurrency exchange.
Coinbase’s Pro-crypto Political Strategy
Looking forward, Coinbase CEO Brian Armstrong maintains a bullish stance for crypto’s future into 2024. The exchange has made strategic moves by joining other U.S. crypto entities to collect nearly $80 million. This fund is dedicated to supporting political candidates who take a pro-crypto stance, with Armstrong advocating that opposing cryptocurrency is becoming politically untenable in Washington, D.C.
