Coinbase's stock price surged by 43%, likely achieving its best monthly performance in 11 months.

On June 28, Coinbase was the best performer in the S&P 500 index for June, driven by positive regulatory updates, product launches, and its inclusion in the benchmark index at the end of May. Coinbase is currently on track to achieve its best monthly performance since last November, rising for the third consecutive month (up 43% in June alone), and marking its first three-month consecutive rise since the end of 2023. This Thursday, the stock reached its highest level since the 2021 IPO.

Oppenheimer analyst Owen Lau stated that the inclusion of the S&P 500 index, the Senate's passage of the GENIUS Act, and Circle's strong performance have debunked the false narratives against Coinbase, leading people to wake up to reality. The two major factors that previously constrained Coinbase's development—the issue of compressed fees (which has not occurred; on the contrary, Coinbase has continued to be profitable and thus qualified for the S&P 500 index) and regulatory uncertainty—are dissipating, although most believe that Congress will struggle to reach a consensus, the passage of the GENIUS Act has become a fact.

Even though Coinbase's stock price has surged 44% this month, Devin Ryan, head of fintech research at Citigroup, still believes there is further room for its stock price to rise. He pointed out that the market has not yet fully recognized the close partnership between Coinbase and Circle Internet Group—Circle's stock price has skyrocketed more than 500% since its IPO on June 5.