What's Going On With Coinbase Stock Monday?

Coinbase Global Inc COIN shares are trading higher Monday amid strength in Bitcoin BTC/USD. 

What's Happening: Bitcoin is up more than 3% over the last 24 hours and nearly 10% over the last week. Multiple positive developments could be aiding the broader crypto market. 

The momentum in Bitcoin appears to be partially fueled by continued optimism surrounding a potential spot ETF. Grayscale recently submitted an S-3 filing with the SEC indicating that it intends to list shares of the Grayscale Bitcoin Trust on the NYSE Arca as part of the company's ongoing push to transition the trust into a spot Bitcoin ETF.

"We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors," the company said. 

The SEC said last week that it would seek to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen, which also appears to be helping boost the broader crypto market. 

Coinbase is the leading cryptocurrency exchange platform in the United States. The company is focused on building a more accessible, efficient and transparent financial system enabled by crypto. 

Coinbase is set to release its third-quarter financial results after the close on Nov. 2. According to estimates from Benzinga Pro, Coinbase is expected to report a loss of 53 cents per share and revenue of $654.076 million. 

See Also: Bitcoin Tops This Key Level; Fantom Emerges As Top Gainer

COIN Price Action: Coinbase shares are up more than 118% year-to-date. The stock was up 3.82% at $77.44 at the time of writing, per Benzinga Pro.

Photo: courtesy of Coinbase.