Quick Take

• Coinbase shares hit an all-time intraday high Friday morning, days after hitting an all-time closing high.
• The stock’s rise comes amid a slew of positive news in the crypto space, particularly the passage of stablecoin and digital asset bills.

Shares of Coinbase Global (ticker COIN) hit a new all-time intraday high on Friday morning as traders continue to ride bullish momentum in the U.S. regulatory landscape.

Coinbase's IPO was priced at $250 per share and listed for trading in April 2021. The stock opened that day at $381 and hit a high of $429.54 before closing the day at $328.28.

At the time of publication, the stock traded higher by 5.3% to $432.40, according to The Block's COIN price data. Earlier this week, Coinbase hit a $100 billion market cap for the first time after Bitcoin notched its own fresh all-time high.

Friday's move comes after two drama-filled days between U.S. lawmakers. On Thursday afternoon, the House passed landmark crypto legislation to establish a federal regulatory framework for stablecoins and outline rules for the broader digital asset industry.

"Huge bipartisan turnout to advance stablecoins AND market structure in the House!" said Emilie Choi, president at Coinbase. "This is a giant step toward cementing America’s dominance in crypto and tech innovation broadly."

...read more at theblock.co