Coinbase Options Traders See Stock Surging By Friday

Coinbase Global, Inc. COIN shares gained on Wednesday amid a surge in the crypto market, led by moves in Bitcoin and Ethereum.

On CNBC’s "Options Action," Brian Stutland of Equity Armor Investments said there were 1.6x more calls than puts on Coinbase on Wednesday.

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There were buyers of 19,000 of the July 23 weekly 60-calls at an average price of 90 cents per contract, Stutland mentioned.

Traders expect Coinbase’s stock jumping at least 5.5% by Friday.

The crypto market is getting a boost from multiple positive developments including the launch of a new exchange, EDX Markets, which is backed by some big players in the finance world including Charles Schwab, Fidelity and Citadel Securities.

COIN Price Action: Coinbase shares gained 1.8% to close at $58.10 on Wednesday.

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Photo courtesy of Coinbase.