Coinbase (Nasdaq: COIN) has launched the Coinbase 50 Index (COIN50), a new way to track the top 50 digital assets on its platform. Created with help from Coinbase Asset Management and Market Vector Indexes, this index is designed to give investors a better view of major trends in the crypto market.
For anyone looking to see how the overall crypto market is performing, COIN50 provides a straightforward way to get a sense of the bigger picture and diversify within digital assets. The crypto exchange noted that much like traditional finance uses indices to help investors understand and balance their portfolios, the crypto world is ready for the same kind of tool.
COIN50 Announcement Details
The new crypto index, called COIN50, will be updated every quarter and tracks the top 50 assets based on market cap that meet specific criteria. According to the exchange, all assets included in COIN50 go through a thorough review process on the Coinbase Exchange, where they’re evaluated on factors like token economics, blockchain design, and security.
This approach gives investors a clear and reliable way to follow the crypto market’s performance. The crypto exchange also highlighted that COIN50 represents about 80% of the global crypto market cap, making it a strong benchmark for crypto investors.
The crypto exchange has announced that eligible traders can now access the Coinbase 50 Index through a new COIN50 perpetual futures contract (COIN50-PERP), offering up to 20x leverage. This trading option will be available on Coinbase International Exchange for eligible institutional users and on Coinbase Advanced for eligible retail users.
The contract will only be open to users in select regions outside the U.S., U.K., and Canada. The crypto exchange sees the COIN50 as a foundational product and plans to expand its index offerings as the crypto economy grows, with the potential for even broader indices to meet the needs of an evolving digital asset market.
Coinbase Stock Hits $300 for First Time Since 2021
Shares of Coinbase soared by over 20%, taking the stock above $300 for the first time since 2021. U.S. crypto stocks are rallying after Donald Trump’s presidential win, with many in the industry hopeful that his administration will bring a friendlier regulatory environment.
“We see Coinbase benefiting from the election outcome, especially as it has been dealing with regulatory pressure from the SEC,” noted Michael Miller, an equities researcher at Morningstar.
The company has been in a legal battle with the agency, fighting for clearer rules around its operations. Miller also pointed out that Trump’s administration is expected to be more supportive of crypto, meaning the firm’s staking business could face fewer regulatory hurdles.
Coinbase CEO Brian Armstrong shared his optimism on the X platform, saying the election results showed strong support for cryptocurrency from the new president-elect.
Coinbase Q3 2024 Revenue Report
On October 30, Coinbase reported third-quarter revenue of $1.2 billion, with profits reaching $75 million. In a shareholder letter, Coinbase highlighted its focus on “key building blocks” to help bring a billion users on-chain.
The company noted major strides this quarter, particularly in integrating stablecoins across its products and expanding the Base network.
Meanwhile, on November 5, Galaxy Digital, another major player in crypto trading, experienced its busiest trading day of the year following Donald Trump’s election win, which reignited crypto interest. Galaxy CEO Michael Novogratz told Bloomberg their team was “operating at full bore,” handling trades with partners in the U.S. and globally and supporting lending and derivatives activities.
The crypto exchange’s new COIN50 index brings a fresh way for investors to track the top 50 digital assets on the platform, offering a real snapshot of crypto market trends. Created with input from Coinbase Asset Management and Market Vector Indexes, COIN50 is now available to eligible traders through a perpetual futures contract with up to 20x leverage.
The launch has given Coinbase stock a 20% boost, reaching over $300 for the first time since 2021. With solid third-quarter profits and a drive to bring more people on-chain, Coinbase is doubling down on making crypto more accessible for everyone.
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