Coinbase shares rose roughly 4% Thursday after two sharp declines, as Bitcoin recovered above $76,000 following the Federal Reserve’s rate increase and the SEC announced a five-year exemption for qualifying platforms to experiment with tokenized stocks (blockchain-based versions of traditional securities). COIN had fallen 4.42% to $164.51 Wednesday after plunging 10% Tuesday, with the failed Senate advance of the CLARITY Act pushing Bitcoin below $75,000 and increasing pressure on crypto-linked equities. Coinbase also faces trading-fee pressure, competition for active traders, regulatory uncertainty and higher interest rates. The SEC initiative could support Coinbase’s efforts to expand beyond conventional crypto trading, with weekly tokenized-stock volume nearing $3 billion, but the company’s rebound remains vulnerable to market and business risks.