Coinbase continues gains for seven straight sessions

[Coinbase Releases Third-Quarter Financial Results]
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Coinbase (NASDAQ:COIN [https://seekingalpha.com/symbol/COIN]) continued gains for seven straight sessions as the stock closed 1.59% higher, at $386.07 on Monday.

The cryptocurrency exchange gained more than 20% in the past six trading sessions. The stock has gained more than 55% so far this year, compared to an over 14% gain in the broader benchmark index.

COIN is up 29% over the past one month. The stock closed 2.14% higher, at $380.02 on Friday.

Coinbase said on Monday that it has applied for a national trust company charter [https://seekingalpha.com/news/4502028-coinbase-seeks-national-trust-charter-to-expand-crypto-custody-business]from the U.S. Office of the Comptroller of the Currency to grow its crypto custody business.

This particular kind of license would let Coinbase operate as a federally regulated trust company, giving the crypto exchange the ability to offer custody and related banking services across the U.S. under one federal license instead of dealing with many state-by-state rules.

The rise in Coinbase (COIN [https://seekingalpha.com/symbol/COIN]) shares can also be attributed to Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) reaching another record high [https://seekingalpha.com/news/4502082-crypto-tied-stocks-etps-jump-after-bitcoin-tops-125k] over the weekend, with crypto investment products recording [https://seekingalpha.com/news/4502061-crypto-funds-record-historic-inflows-of-5_95-billion-last-week-report] historic inflows.

BTIG last week started coverage on Coinbase with a Buy rating [https://seekingalpha.com/news/4500607-coinbase-rated-new-buy-at-btig-on-diversification-crypto-adoption], as analyst Andrew Harte believes the company is well-positioned to benefit from both increased digital asset adoption over the near term and diversification efforts eventually.

Seeking Alpha’s Quant rating system [https://seekingalpha.com/symbol/COIN/ratings/quant-ratings] and SA authors [https://seekingalpha.com/symbol/COIN/ratings/author-ratings] have rated the stock HOLD, while sell-side analysts [https://seekingalpha.com/symbol/COIN/ratings/sell-side-ratings] see the stock as BUY.

MORE ON COINBASE

* Coinbase: A Bullish Year-End Could Spark A Multiple Expansion [https://seekingalpha.com/article/4825814-coinbase-a-bullish-year-end-could-spark-a-multiple-expansion]
* Coinbase: A Risky Bet As Trading Fervor Cools Down [https://seekingalpha.com/article/4825382-coinbase-a-risky-bet-as-trading-fervor-cools-down]
* Coinbase: A Show-Me Story Under The New Regulatory Regime (Rating Downgrade) [https://seekingalpha.com/article/4825157-coinbase-a-show-me-story-under-the-new-regulatory-regime-rating-downgrade]
* Coinbase seeks national trust charter to expand crypto custody business [https://seekingalpha.com/news/4502028-coinbase-seeks-national-trust-charter-to-expand-crypto-custody-business]
* Coinbase rated new Buy at BTIG on diversification, crypto adoption [https://seekingalpha.com/news/4500607-coinbase-rated-new-buy-at-btig-on-diversification-crypto-adoption]