Coinbase shares have soared almost 100% from a 52-week low after the crypto exchange announced a partnership with BlackRock.
The fortunes of Coinbase, the largest listed US cryptocurrency exchange, are inextricably tied to the price of bitcoin, the world’s largest cryptocurrency. It makes sense that a crash in crypto prices would leave Coinbase shares down by almost two-thirds since the start of the year. News that Coinbase has partnered with BlackRock — an asset manager with more than $8tn in assets — has helped add more than a tenth to Coinbase’s equity value.
One bit of programming to start: school’s out for summer. This newsletter will be back for the autumn term on September 5. Larry Fink, chair and chief executive of BlackRock, seems to have changed his tune a bit since he uttered those words back in October 2017.