Why Coinbase Shares Are Rising

Coinbase Global, Inc. COIN shares are trading higher amid strength in Bitcoin BTC/USD and Ethereum ETH/USD. Josh Brown on CNBC also announced a new long position in the stock.

Bitcoin was trading about 1% higher at around $57,096 on Thursday.

Ethereum was trading about 8% higher at around $3,776 on Thursday.

On CNBC's 'Fast Money Halftime Report,' Josh Brown explained why he bought into Coinbase. Says Over the next 12-16 months, $1 trillion in new capital will come into digital assets.

Brown also said Gemini and Coinbase will be the 2 biggest beneficiaries from this trend.

Coinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy.

Coinbase shares were trading about 5.8% higher at $261.15 per share on Thursday at the time of publication. The stock has a 52-week high of $429.54 and a 52-week low of $208.