BlackRock adopts Coinbase Prime to provide crypto services for institutional clients, COIN stock price surges over 40%

After news that asset management firm BlackRock will offer cryptocurrency services through Coinbase Prime, Coinbase's stock price surged by more than 40% at one point.

"COIN" Hits Bottom and Rebounds

The stock of Coinbase, "COIN," hit a historic low of $40.83 on May 12 this year, plummeting over 90% since its listing on Nasdaq in April last year. Ark Invest, the third-largest shareholder and a prominent investment firm, sold 1.41 million shares of COIN for about $75 million at the end of July.

Ark's sell-off price was around $53, but since then COIN has surged by as much as 121.38% and was at 101.6% at the time of writing.

COIN saw its highest single-day surge at 43.9%, but had since retraced to 31.3% by the time of writing. CNBC attributed this to a short squeeze, citing data from FactSet that showed over 22% of Coinbase's tradable stock had been shorted by investors.