Why Coinbase Stock Is Soaring Today

Coinbase Global Inc COIN shares are trading higher Thursday after the company announced a partnership with BlackRock BLK.

Coinbase said it would partner with the asset manager to provide institutional clients of Aladdin, BlackRock’s investment management platform, with direct access to cryptocurrencies, starting with Bitcoin BTC/USD.

Coinbase Prime, which was built for institutions, will provide crypto trading, custody, prime brokerage, and reporting capabilities to Aladdin’s institutional clients, who are also clients of Coinbase.

“This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes,” said Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock.

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Related Link: Coinbase Stock Jumps 20% On ‘Huge Validation’ From BlackRock: What Investors Need To Know

COIN Price Action: Coinbase has a 52-week high of $258.80 and a 52-week low of $40.83.

The stock was up 10.60% at $89.41 at press time, according to data from Benzinga Pro.

Photo: courtesy of Coinbase.