The share price of the largest U.S. crypto exchange, Coinbase, rallied sharply on Thursday after it announced a partnership with BlackRock. The exchange’s stock finished the week 52.65% higher at $93.05 a share. It remained more than 60% lower for the year, however. Coinbase is one of the most wagered-against companies on the US stock market. Investors betting against Coinbase stock lost more than $230 million after the announcement of the BlackRock partnership sent its shares soaring.
In a blog post, Coinbase announced that it is partnering with BlackRock, the world’s largest asset manager with more than $8 trillion under management, to provide institutional clients of Aladdin®, BlackRock’s end-to-end investment management platform, with direct access to crypto, starting with bitcoin, through connectivity with Coinbase Prime.
According to Market Insider, Coinbase short-sellers were at one point down more than $1 billion on Thursday as the stock surged more than 40%. The so-called mark-to-market losses amounted to $324.2 million by the time the market closed on Thursday. The crypto exchange was last up another 11% on Friday.
