Coinbase Stock Crushing Blue-chip Tech Index by 44%

Embattled crypto exchange Coinbase has seen a major rebound in its share price as trading activity in digital assets picks up speed

by Sebastian Sinclair&Blockworks /
article-image

Iryna Budanova/Shutterstock.com modified by Blockworks

share

Coinbase stock has been on a tear this year, outperforming both the broader tech sector and bellwether digital asset bitcoin.

COIN is now up about 60% since the start of 2023, with a market capitalization of around $12.2 billion. The US-traded crypto exchange was changing hands for around $56 a share through Tuesday’s closing bell in New York. 

US technology heavyweights have likewise benefited this month from long-awaited macro tailwinds that have slowed — if not reversed — 2022’s carnage across digital and traditional assets. 

But not on Coinbase’s level. 

A prominent dollar-weighted tech stock index, trading on the New York Stock exchange under the ticker NYFang, has meanwhile recorded 16% year-to-date gains — leaving the index 44% behind Coinbase’s 60% pop over the same period. 

Not to mention that the NASDAQ-100 Technology Sector Index, a collection of equally weighted tech stocks, has also posted a smaller increase: around 11%. 

The former index tracks the showing of some of the largest US tech equities, including Meta Apple, Amazon, Netflix and Google. Its performance has marked a notable rebound from its downturn last year — but one still much weaker relative to Coinbase.

COIN booked a slight decline in after-hours trading on Tuesday, dipping to $52.48, good for a -1.8% decline, data show. Still, the exchange’s shares are up more than 23% compared to the price of bitcoin, which has soared 37% year to date. 

Crypto’s blue-chip equity eked out a close above a previous daily high near $50 last week, its highest point in more than 40 days. It’s a welcome reprieve for the embattled exchange, which has taken hits from the broader industry sell-off that dragged down scores of its publicly traded digital asset peers last year, including crypto miners. 

The collapse of the likes of Genesis, Three Arrows Capital, FTX and Voyager exacerbated selling pressure throughout 2022 amid concerns over the exchange’s path forward — and especially its correlation to shell-shocked digital assets.

Market participants by then had also grown wary of trusting centralized entities with their funds. 

Speculation over the exchange and its stock came to a head by mid-December as it continued to post consecutive daily dips before reaching an all-time low of $31.55 by Jan. 6.

Following a jump on Jan. 9 — which more or less coincided with several of bitcoin’s price spikes — exchange sentiment was bolstered by its agreement to settle with New York state regulators.

Coinbase CEO Brian Armstrong promised shareholders in August he would diversify his company’s revenue by moving away from its reliance on trading fees. 

“It’s never as good as it seems, it’s never as bad as it seems,” Armstrong told CNBC at the time over questions on the macroeconomic outlook and the exchange’s financial conditions. “We try not to get focused on short-term ups and downs, we just zoom out.” 


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Bain Capital Crypto and Haun Ventures co-led the round as demand grows for Bitcoin-denominated savings and annuities

by Blockworks /
article-image

NYSE owner’s investment values the prediction market at $8–9 billion, signaling Wall Street’s entry into event-based trading

by Blockworks /
article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /