Shares in beaten-down cryptocurrency exchange
Coinbase Global
have torn higher this week. Investors are likely witnessing a “short squeeze” that is driving the stock higher — similar to
GameStop
eye-popping stock rocket during the “meme stock” trading frenzy of early 2021.
Coinbase (ticker: COIN) opened at $60.96 a share on Monday and traded above $116 at points early Thursday, a staggering rally of 90%. The move higher has largely come from price action on Wednesday, when the stock jumped 20%, and Thursday, with the shares last up another 18%.
