Coinbase Global, Inc. COIN shares are trading higher after Cboe Global Markets, Inc. refiled Bitcoin BTC/USD ETF proposals and indicated it would work with Coinbase to prevent market manipulation.
What To Know:
On Friday, exchange operator Cboe resubmitted an application with the SEC seeking approval for a Bitcoin ETF managed by Fidelity Investments. According to Reuters, Cboe said that it would work with the Coinbase crypto exchange to enact safeguards aimed at preventing market manipulation during the ETF launch process.
Shares of Coinbase are trading more than 10% higher on heavy volume with more than 18 million shares traded already on Monday, surpassing its 100-day average of 15 million shares. According to data from Benzinga Pro, there is considerable short interest in COIN stock with 22.88% of available shares being sold short.
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COIN Price Action: According to Benzinga Pro, Coinbase shares are trading 10.7% higher at $79.22 at the time of publication.
Image: Courtesy of Coinbase Global, Inc.
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