Coinbase Global Inc. shares rose 12.20% to $164.07 on Wednesday as Bitcoin climbed near $68,500 after absorbing recent selling pressure. Bitcoin ETFs attracted $486.85 million during the first two sessions of the week, supporting optimism across the cryptocurrency market. Higher token prices can increase retail and institutional trading activity, boosting the high-margin transaction volumes that underpin Coinbase’s core revenue, while also increasing assets under custody and related asset-based fees. As a high-beta proxy for crypto markets, COIN typically moves more sharply than Bitcoin. Coinbase is also benefiting from proposed Treasury Department rules for the GENIUS Act, a stablecoin framework enacted in July 2025. The proposal would require payment stablecoin issuers to obtain a federal or state license from January 18, 2027, and would prohibit digital asset platforms from offering or selling payment stablecoins to U.S. persons from July 18, 2028, unless the tokens are issued by a permitted, licensed issuer. The rules would also impose strict due-diligence obligations on exchanges listing stablecoins (cryptocurrencies designed to maintain a stable value). Coinbase’s financial partnership with Circle, the creator of USDC, could benefit from clearer regulation and potentially wider corporate and banking adoption. The company recorded roughly $324.6 million in USDC distribution costs during the second quarter, underscoring stablecoins’ contribution to non-trading revenue. Coinbase also launched direct Brazilian real trading for USDC on its Advanced platform, targeting institutional activity in Latin America’s largest market.