Shares of Coinbase Global Inc. (COIN) surged significantly, leading S&P 500 gainers, as crypto-related stocks rallied across the board. The positive movement followed developments signaling a de-escalation in geopolitical tensions between Iran and Israel, which bolstered overall market confidence.
Coinbase shares closed with a substantial 12.10% gain, marking it as the strongest performer within the S&P 500 index. The upward trend extended to other prominent crypto equities.
Mining firms Riot Platforms and Marathon Digital saw notable gains. MicroStrategy, known for its significant Bitcoin holdings, also participated in the rally. Broker Robinhood Markets, Inc. (HOOD) jumped 7.41%, buoyed partly by its recently introduced 1% crypto deposit match promotion attracting users.
Countering the upward trend, Circle Internet Group (CRCL) shares experienced a sharp decline of 15.49%. Analysts suggest this could represent profit-taking after a significant valuation increase since its market debut.
Mirroring the positive sentiment in equities, major cryptocurrencies Bitcoin (BTC), Ether (ETH), and XRP also posted steady gains. This reflects sustained investor interest in the broader digital asset space amid improved market conditions.